{"id":552305,"date":"2023-09-21T16:00:31","date_gmt":"2023-09-21T16:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=552305"},"modified":"2024-06-11T08:00:35","modified_gmt":"2024-06-11T08:00:35","slug":"binance-deribit-traders-short-bitcoin-squeeze","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-deribit-traders-short-bitcoin-squeeze\/","title":{"rendered":"Binance & Deribit Traders Aggressively Short Bitcoin, Squeeze Incoming?"},"content":{"rendered":"

Data shows Bitcoin shorts have been piling up on cryptocurrency exchanges Binance and Deribit during the past few days.<\/p>\n

Bitcoin Funding Rates On Binance & Deribit Are Deep Red Right Now<\/h2>\n

According to data from the analytics firm Santiment<\/a>, traders on the derivative market have continued to bet against the cryptocurrency recently. The relevant indicator here is the “funding rate<\/a>,” which keeps track of the periodic fee that derivative contract holders on an exchange are paying each other right now.<\/p>\n

When this metric has a positive value, it means that the long traders are paying a premium to the short traders in order to hold onto their positions. Such a trend suggests that the majority sentiment on the given exchange is bullish currently.<\/p>\n

On the other hand, the metric being under the zero mark implies the traders on the platform hold a bearish mentality at the moment, as the shorts are the dominant force.<\/p>\n

Related Reading: Is Bitcoin Bull Run Coming Soon? What Network Fundamentals Say<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin funding rates for Binance and Deribit over the past month:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been quite red in recent days | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin funding rate for both of these exchanges had been mostly positive during the last third of August and the starting third of this month, implying that the majority of the traders had been longs.<\/p>\n
The bets of these holders had failed, however, as the price had seen an overall downtrend in this period. Since the rebound<\/a> earlier this month, though, the sentiment has flipped in the market as shorts have piled up on both of these platforms.<\/p>\n
These short traders haven’t been successful so far, either, as the value of the cryptocurrency has seen net growth since they have appeared. Historically, the market has actually been more likely to go against the expectation of the majority, so this pattern may be in line with that.<\/p>\n
The reason why the asset would move against the bets of these contract holders is that mass liquidation events, called squeezes<\/a>, become more likely to happen the more lopsided the sector is.<\/p>\n
A large amount of long liquidations can amplify crashes, while short liquidations can provide the fuel for upward surges. Since Bitcoin is still seeing aggressive shorting, it may be a positive sign for the cryptocurrency’s current price rise, as a potential short squeeze could help it extend further.<\/p>\n
Related Reading: Bitcoin May Not See Lasting Bullish Momentum Until This Happens<\/a><\/div>\n
Interestingly, while Bitcoin is being bet against right now, Ethereum’s funding rates are positive, as pointed out by analyst James V. Straten in a post<\/a> on X.<\/p>\n
\"Bitcoin<\/p>\n
The two metrics have diverged recently | Source: @jimmyvs24 on X<\/a><\/pre>\n
From the graph, it’s visible that the funding rates of the top two assets in the sector have gone opposite ways recently. This means that while BTC may be able to build an uptrend off the shorts, ETH could face the opposite effect if the longs end up being liquidated.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has seen a drawdown of about 1.5% today as the asset’s price has now dropped towards the $26,700 level.<\/p>\n
\"Bitcoin<\/p>\n
BTC is still overall up in the past week | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Yi\u011fit Ali Atasoy on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows Bitcoin shorts have been piling up on cryptocurrency exchanges Binance and Deribit during the past few days. Bitcoin Funding Rates On Binance & Deribit Are Deep Red Right Now According to data from the analytics firm Santiment, traders on the derivative market have continued to bet against the cryptocurrency recently. The relevant indicator here is the “funding rate,” which keeps track of the periodic fee that derivative contract holders on an exchange are paying each other right now. When this metric has a positive value, it means that the long traders are paying a premium to the short traders in order to hold onto their positions. Such a trend suggests that the majority sentiment on the given exchange is bullish currently. On the other hand, the metric being under the zero mark implies the traders on the platform hold a bearish mentality at the moment, as the shorts are the dominant force. Related Reading: Is Bitcoin Bull Run Coming Soon? What Network Fundamentals Say Now, here is a chart that shows the trend in the Bitcoin funding rates for Binance and Deribit over the past month: Looks like the value of the metric has been quite red in recent days | Source: Santiment on X As displayed in the above graph, the Bitcoin funding rate for both of these exchanges had been mostly positive during the last third of August and the starting third of this month, implying that the majority of the traders had been longs. The bets of these holders had failed, however, as the price had seen an overall downtrend in this period. Since the rebound earlier this month, though, the sentiment has flipped in the market as shorts have piled up on both of these platforms. These short traders haven’t been successful so far, either, as the value of the cryptocurrency has seen net growth since they have appeared. Historically, the market has actually been more likely to go against the expectation of the majority, so this pattern may be in line with that. The reason why the asset would move against the bets of these contract holders is that mass liquidation events, called squeezes, become more likely to happen the more lopsided the sector is. A large amount of long liquidations can amplify crashes, while short liquidations can provide the fuel for upward surges. Since Bitcoin is still seeing aggressive shorting, it may be a positive sign for the cryptocurrency’s current price rise, as a potential short squeeze could help it extend further. Related Reading: Bitcoin May Not See Lasting Bullish Momentum Until This Happens Interestingly, while Bitcoin is being bet against right now, Ethereum’s funding rates are positive, as pointed out by analyst James V. Straten in a post on X. The two metrics have diverged recently | Source: @jimmyvs24 on X From the graph, it’s visible that the funding rates of the top two assets in the sector have gone opposite ways recently. This means that while BTC may be able to build an uptrend off the shorts, ETH could face the opposite effect if the longs end up being liquidated. BTC Price Bitcoin has seen a drawdown of about 1.5% today as the asset’s price has now dropped towards the $26,700 level. BTC is still overall up in the past week | Source: BTCUSD on TradingView Featured image from Yi\u011fit Ali Atasoy on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":552335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,16084,16082,1119,1144,67895],"class_list":["post-552305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-short-squeeze","tag-bitcoin-shorts","tag-btc","tag-btcusd","tag-deribit"],"acf":[],"yoast_head":"\nBinance & Deribit Traders Aggressively Short Bitcoin, Squeeze Incoming?<\/title>\n<meta name=\"description\" content=\"Data shows Bitcoin shorts have been piling up on cryptocurrency exchanges Binance and Deribit during the past few 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Binance & Deribit Traders Aggressively Short Bitcoin, Squeeze Incoming?","url":"http:\/\/wncen.com\/news\/binance-deribit-traders-short-bitcoin-squeeze\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-deribit-traders-short-bitcoin-squeeze\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/yigit-ali-atasoy-z1jggXh29_Q-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/yigit-ali-atasoy-z1jggXh29_Q-unsplash-1.jpg?fit=4724%2C2657"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bitcoin short squeeze","bitcoin shorts","btc","btcusd","deribit"],"dateCreated":"2023-09-21T16:00:31Z","datePublished":"2023-09-21T16:00:31Z","dateModified":"2024-06-11T08:00:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Binance & Deribit Traders Aggressively Short Bitcoin, Squeeze Incoming?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-deribit-traders-short-bitcoin-squeeze\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-deribit-traders-short-bitcoin-squeeze\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/yigit-ali-atasoy-z1jggXh29_Q-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/yigit-ali-atasoy-z1jggXh29_Q-unsplash-1.jpg?fit=4724%2C2657\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bitcoin short squeeze\",\"bitcoin shorts\",\"btc\",\"btcusd\",\"deribit\"],\"dateCreated\":\"2023-09-21T16:00:31Z\",\"datePublished\":\"2023-09-21T16:00:31Z\",\"dateModified\":\"2024-06-11T08:00:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/yigit-ali-atasoy-z1jggXh29_Q-unsplash-1.jpg?fit=4724%2C2657","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552305"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=552305"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/552335"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=552305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=552305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=552305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}