Bitcoin Experiences Fourth Funding Rate Dip of 2023
Bitcoin is currently trading at $94,288, having gained 1.6% in the last 24 hours and nearly 15% over the past two weeks. This rise is moving BTC closer to the $100,000 mark.
Funding Rates Analysis
- Bitcoin funding rates have dipped into negative territory despite rising prices.
- This is the fourth occurrence of negative funding rates this year, noted by analyst Nino from CryptoQuant.
- Negative funding rates indicate that short positions are paying long positions, reflecting market caution.
- Current negative rates occur above $94,000, unlike previous dips which were at lower price levels.
- Potential market exhaustion or profit-taking may be indicated by increased short trader activity.
Investor Confidence and Whale Activity
- Analysis indicates a trend reversal began on April 21 with increased buying from large holders ("whales").
- Initial whale purchases were observed on Binance, followed by similar activity on Coinbase.
- The Coinbase premium remains positive, indicating stronger demand from US investors.
- Renewed capital inflows and institutional positioning may signal a broader shift in market structure.
