Bitcoin Funding Rate Turns Negative As Traders Short Top Altcoins

Amid the repetitive rejection above $110,000 levels, Bitcoin funding rates have turned negative as the BTC shorts pile up. This highlights growing bearish sentiment with spending from the long-term BTC holders on the rise as well. Similarly, short positions have also built up for some of the top altcoins such as Cardano (ADA), and Binance Coin (BNB).