អាចនិទានរឿងខ្លីៗសម្រាប់ Ethereum, Bitcoin ពិតជាផ្តល់លទ្ធផល

Negative market sentiment for Ethereum [ETH] និង Bitcoin [ប៊ីស៊ីធីធី] caused derivative funding rates to remain negative. While both prices suffered a major setback, short traders followed the selling ritual.

Now, could this provide an opportunity for the patient (long) traders following a “potential” squeeze?

របួសជ្រៅ 

នេះ អត្រាមូលនិធិ for BTC and ETH have remained negative for derivative traders for quite a while. Furthermore, derivative prices have kept funding rates generally below zero since May. Ergo, depicting the overall sentiment of the traders and how they viewed future market conditions.

But could this narrate a potential short-term bull signal for traders? Well, yes.

The annualized funding rate spread រវាង BTC អ និង សាកលវិទ្យាល័យ ETH perpetual pushed to a new all-time high (ATH) of 77% as per data from Glassnode. The graph below showcased the same. 

ប្រភព៖ Glassnode

Although, short trades seem to be focused on ETH rather than BTC given its បញ្ចូលចូលគ្នា season. In this regard, វ៉ែនតា បានបន្ថែមទៀតថា:

“This indicates traders are heavily short សាកលវិទ្យាល័យ ETH ទាក់ទងទៅនឹង BTC អ, likely speculating/hedging for the upcoming Merge.” 

This means hedging their risk exposure to ETH by going short perpetual futures. In fact, ETH funding rates dipped to their most negative since July 2021.

The difference in sentiment for crypto’s two flagship assets seemed to pivot in anticipation of the upcoming Merge. The event formerly known as Ethereum 2.0, when the proof-of-work (PoW) Ethereum mainnet will merge with the proof-of-stake (PoS) Beacon chain.

Additionally, a report by Kaiko found that Ether perpetual futures traded at more than 7x the volumes of spot markets. This stands at a four-times increase from November 2021.

Opportunity arises

However, given the past scenarios, a ‘ច្របាច់ខ្លី‘ could see a potential uptick for the flagship token. Every time the funding បានធ្លាក់ចុះ to the negative side during the past month, prices increased.

Thus, funding rates moved towards the positive territory. Ergo, long traders took advantage of the leftover space from the short ones.

Nonetheless, social sentiment continues to form a blanket around Ethereum. As per LunarCrush, Ethereum’s social activity បានបង្កើនល្បឿន over the last three months. It even continued to reach new heights.

ប្រភព៖ LunarCrush

Negative to positive 

On the other hand, the largest cryptocurrency BTC’s funding rates flipped positive although the (positive) rate might not be significant enough.

Nevertheless, long traders paid a premium to the short traders, at press time, in order to hold onto their positions.

The only question remains- Could Bitcoin possibly have further room to grow? Well, funding rates have been quite positive recently. Especially, when the price kept suffering- BTC lost more than 10% in just 24 hours after the CPI announcement.

ប្រភព: CoinMarketCap