Jun 10, 09:42 AM

Bitcoin 2%-3.5% Below All-Time Highs With Negative Funding Rates as Majority Traders Short, Institutional Buying and Global M2 Rise

Bitcoin is currently trading close to its all-time highs, with the price being only 2% to 3.5% below the peak. Despite this proximity to record levels, funding rates for Bitcoin futures have turned negative, indicating that a majority of traders are shorting the cryptocurrency in anticipation of lower prices. This situation reflects a lack of retail interest and a bearish sentiment among traders. However, some market observers suggest that this setup could lead to a strong rally, driven by institutional buying and healthy on-chain metrics, as well as the broader context of rising global money supply (Global M2). The negative funding rates combined with near all-time high prices create conditions that may trigger a short squeeze and a sustained upward movement in Bitcoin's price.

#Bitcoin

Written with ChatGPT (GPT-4).