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.
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.
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.