Bitcoin trades below its weekly cost basis as funding turns negative, hinting at growing short positions across major crypto assets.
Solana and TRON defy price drops with rising on-chain volumes and active users, showing strength despite broader market pressure.
Whale wallets accumulate over 122,000 BTC and 180 million ADA, while ETH sees $96M moved to Binance in the potential institutional shift.
Bitcoin’s perpetual futures funding rate has flipped negative, signaling an influx of short interest across major assets. Glassnode reports that $BTC now trades below its weekly cost basis, while funding pressure builds across BNB, ADA, and Solana.
https://twitter.com/glassnode/status/1927669930134040585
According to a post by Glassnode, the Bitcoin funding rate stands at -0.0008%, reflecting growing bearish leverage despite a modest 0.45% weekly gain. The top-ranked crypto trades at $108,777.55, lagging its weekly cost basis of $109,423.26, with open interest at $57.8 billion. Meanwhile, Solana now ranks sixth-lowest in funding rates, with -0.00036%, indicating short positioning has also accelerated.
BNB and ADA are under similar pressure, registering negative funding rates of -0.0012% and -0.00056%, respectively. While BNB boasts a record-high 99.8% of supply in profit, its 1 million daily active addresses have dipped 5.3%. Cardano reports 67,000 active wallets, with $603 million in futures open interest despite its weaker price structure.
TradingView Charts Reveal Coordinated Decline
Hourly candlestick charts confirm synchronized declines across crypto majors, with BTC leading losses at -0.77%. According to TradingView, Bitcoin closed its latest hourly candle at $107,601.08, shedding $833.70 from its open and showing consistent selling pressure through strong downside wicks.
Solana, Cardano, XRP, and Dogecoin each followed with 0.62% hourly declines. The SOL/USDT pair posted bearish engulfing patterns and lower highs, while ADA broke through consolidation zones without a bounce. TRX/USDT also dropped 0.62% as failed breakouts and spiking volume confirmed heavy intraday selling.
Across the board, candles closed beneath previous resistance levels, showing fading bullish conviction. USDC, despite being a stablecoin, slipped 0.62%, likely due to intraday liquidity distortions, maintaining tight spreads compared to volatile assets.
Solana and TRON Defy Volume Trends Despite Price Drop
Solana's $4.8 billion on-chain volume marks a 36.5% daily increase, signaling strong network throughput even as prices dipped. The chain reports 600,000 daily active wallets, up 4.9%, while 78% of supply remains in profit—a key indicator that long-term holders are not capitulating.
TRON leads all L1 networks in daily active addresses, with 3 million users, rising 11% in a single day. Its price at $0.27577 still trades above cost basis, with 97% of TRX supply in profit. Market updates from LennaertSnyder noted TRON’s $679.3 million in annual revenue, highlighting its 12-month outperformance streak.
Whales Drive Strategic Accumulations Across Layer 1s
Whale activity is escalating. MANDO CT reported that wallets holding between 100–1,000 BTC accumulated 122,330 BTC in six weeks. Simultaneously, Ali from X shared that whales scooped over 180 million ADA in one week, signaling targeted accumulation beneath resistance.
Meanwhile, Abraxas Capital moved 36,520 ETH (~$96.18M) to Binance in a 24-hour window, triggering questions around institutional repositioning. Open interest on Ethereum now stands at $21.5 billion, with 76.1% of supply in profit and a rising 364,000 active users.
Finally, XRP saw CME Futures open interest surge to $223 million within 10 days of launch. On-chain metrics show 86.3% supply in profit and a 3.2% volume uptick, signaling expanding derivatives demand despite broader sell-side fatigue.
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