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Bitcoin Funding Rate Is In Red As Community Expects Volatile Weekend

News
Sat, 05/29/2021 - 07:40
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Yuri Molchan
Recent analytics data shows that the funding rate on Bitcoin futures has begun going red
Bitcoin Funding Rate Is In Red As Community Expects Volatile Weekend
Cover image via stock.adobe.com

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Chart provided by Glassnode shows that Bitcoin futures perpetual funding rate across all crypto exchanges has started going negative.

As a rule, negative funding rates indicate that the market sentiment is negative since investors are now paying to be short.

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As reported by U.Today earlier, Chief Investment Officer of Guggenheim Partners, Scott Minerd, had warned investors that they should prepare for a volatile Memorial Day weekend.

Related
Guggenheim CIO Warns Crypto Holders About Volatile Holiday Weekend

At the time of writing, the flagship cryptocurrency is changing hands at $36,532 after seeing several major declines since the start of the month when it was holding above the $58,000 level.

Overall, Bitcoin’s losses in May constitute a staggering 38 percent.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.