Bitcoin Funding Rates Spike to Multi-Week Highs as Correction Loads

Bitcoin Funding Rates Spike to Multi-Week Highs as Correction Loads


Bitcoin has undergone a drop since the local highs of $19,000. The coin currently trades for $15,500, though traded as low as $17,500 earlier today. The bounce has surprised many analysts, who thought that Bitcoin would sustain a deeper correction into the $15,000-16,000 range.

Yet this bounce has come at a cost: the funding rates of the BTC  and crypto markets are rocketing higher. The funding rate is the fee that long positions pay short positions on a regular basis to ensure that the price of the futures is close to the price of the spot market.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Funding Rate Explodes Higher

Trending: What Was In Those Bush Sr. Funeral Envelopes and Why Did Mike Pence Get One?

The Bitcoin futures funding rates across top exchanges have begun to shoot higher, ByBt reports. ByBt is a derivatives tracker that follows funding rates, open interest, and other leading metrics for cryptocurrency futures markets.

The funding rate of Binance’s Bitcoin futures market has hit 0.08%

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Send this to a friend