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Bitcoin experienced upward momentum on Tuesday, reaching an intraday high of 
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momentum Tuesday, climbing to an intraday peak of $71,775 as digital assets 
[…]

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Data shows the Bitcoin Funding Rates have turned negative across exchanges recently, indicating bearish bets are currently dominating. Aggregated Bitcoin Funding Rates Have Plunged As pointed out by analytics firm Santiment in a new post on X, the aggregated Bitcoin Funding Rates are currently showcasing a significant short bias. The &#8220;Funding Rate&#8221; here refers to an indicator that keeps track of the amount of periodic fees that derivatives market traders are exchanging between each other on a given centralized exchange. Related Reading: Bitcoin SOPR Ratio Shows Early Capitulation—But Not Full Bottom Yet When the value of this metric is positive, it means the long contract holders are paying a premium to the short contract holders in order to hold onto their position. Such a trend can be a sign that a bullish sentiment is dominant on the platform. On the other hand, the indicator being under the zero mark implies a bearish mentality may be held by the majority of traders, as shorts are outpacing the longs on the exchange. Now, here is the chart shared by Santiment that shows the trend in the aggregated Bitcoin Funding Rates across all exchanges: As displayed in the above graph, the Bitcoin Funding Rates across exchanges have witnessed a notable negative spike recently, implying demand for short positions has gone up. &#8220;Traders are showing clear concern over fear of an escalating war, as well as expressing frustration toward the lack of progress on the Clarity Act,&#8221; noted the analytics firm. The rise of bearish sentiment may not actually be bad for the cryptocurrency, however, if history is anything to go by, the asset&#8217;s price often tends to go against the crowd opinion. In terms of the derivatives market, this contrarian effect can emerge due to liquidations feeding into the opposite type of price move. &#8220;Historically, extreme shorting increases the likelihood of cryptocurrencies bouncing due to potential short liquidations providing a boost whenever prices break through resistance levels,&#8221; explained Santiment. Related Reading: XRP Investors In Pain: $50 Billion Worth Of Supply Now In Loss While either side of the market can fall prey to liquidations depending on random volatility, the side that&#8217;s more dominant is usually the one more likely to be affected by a mass cascade. For Bitcoin, that side is the short one at the moment. It now remains to be seen how the asset will develop in the coming days, given the bearish sentiment. BTC Price The effect of the negative Funding Rates may already be in motion as the asset has seen a bounce back above the $70,000 level during the past day. The upward move has caused short liquidations of more than $100 million, as the heatmap from CoinGlass suggests. Looks like BTC has seen the highest amount of liquidations over the last 24 hours | Source: CoinGlass Featured image from Dall-E, chart from TradingView.com

Cryptocurrency price in DKK