Bitcoin Bulls Pause Leveraged Bets as Demand Cools Post-Halving
- The Bitcoin funding rate turned negative just prior to halving
- A high positive rate suggests Bitcoin investors are bullish
Bitcoin reached a peak of $73,798 in March.
Photographer: Damian Lemanski/BloombergThis article is for subscribers only.
Bullish Bitcoin traders appear to have scaled back their bets on the world’s largest cryptocurrency as its two major tailwinds subside.
The Bitcoin funding rate — the premium paid by traders to open new long positions in the token’s perpetual futures market — on April 19 turned negative for the first time since October 2023, CryptoQuant data shows.