{"id":640918,"date":"2024-09-11T01:30:48","date_gmt":"2024-09-11T01:30:48","guid":{"rendered":"https:\/\/wncen.com\/?p=640918"},"modified":"2024-09-10T15:12:38","modified_gmt":"2024-09-10T15:12:38","slug":"bitcoin-57000-but-investors-shorting-fuel-rise","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-57000-but-investors-shorting-fuel-rise\/","title":{"rendered":"Bitcoin Surges Above $57,000, But Investors Still Shorting: Fuel For More Rise?"},"content":{"rendered":"

Data shows derivatives exchange users are still shorting Bitcoin after the recovery that the cryptocurrency has enjoyed beyond the $57,000 mark.<\/p>\n

Bitcoin Funding Rate Is Still Negative On Major Exchanges<\/h2>\n

According to data from the analytics firm Santiment<\/a>, investors have been shorting BTC for the last few days. The indicator of interest here is the “Funding Rate<\/a>,” which keeps track of the periodic fee that the derivatives contract traders on a given exchange are paying each other right now.<\/p>\n

Related Reading: Ethereum Bullish Signal: Adoption Hits Four-Month High Rate<\/a><\/div>\n

When the value of this metric is positive, it means the long contract holders are paying a premium to the short investors in order to keep their positions. Such a trend implies a bullish sentiment is shared by the majority.<\/p>\n

On the other hand, the indicator being negative suggests the shorts are outweighing the longs, so a bearish mentality can be assumed to be the dominant one in the sector.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin Funding Rate for two platforms, Binance and BitMEX, over the past month:<\/p>\n

\"Bitcoin
Looks like the value of the metric has been negative on both of these exchanges in recent days | Source: Santiment on X<\/a><\/figcaption><\/figure>\n

As is visible in the above graph, the Bitcoin Funding Rate on both of these platforms had achieved large negative levels around the price bottom a few days back.<\/p>\n

This means that derivatives users had been expecting the decline of the cryptocurrency to continue further. The bet of these Binance and BitMEX traders clearly didn’t work out, though, as the coin has been going up since then. In fact, the liquidation<\/a> of these investors is likely what has facilitated the rebound from the bottom.<\/p>\n

Bitcoin has continued this surge<\/a> during the past 24 hours, breaking past the $57,000 level. According to data from CoinGlass, this BTC surge and the uplift across the rest of the sector have caused almost $123 million in liquidations.<\/p>\n

\"Bitcoin
The liquidation data for the past day | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

Out of these, over $88 million of the liquidations have involved the short investors, with Bitcoin shorts alone making up for around $34 million of the flush. As displayed in the Funding Rate chart, though, the metric has still continued to be negative on these platforms, suggesting that bearish speculators haven’t let up even after this heavy beating.<\/p>\n

Related Reading: Dogecoin To $0.15: Analyst Explains What Could Kick Off A Fresh Rally<\/a><\/div>\n

But as it has already happened in this surge so far, these positions could end up finding liquidation, thus fueling the price surge even further. It now remains to be seen if Bitcoin will continue to go contrary to this expectation held by the majority of the derivatives investors or not.<\/p>\n

BTC Price<\/h2>\n

At the time of writing, Bitcoin is trading at around $57,000, up more than 3% over the last 24 hours.<\/p>\n

\"Bitcoin
The price of the coin appears to have been going down over the last few days | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, Santiment.net, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Data shows derivatives exchange users are still shorting Bitcoin after the recovery that the cryptocurrency has enjoyed beyond the $57,000 mark. Bitcoin Funding Rate Is Still Negative On Major Exchanges According to data from the analytics firm Santiment, investors have been shorting BTC for the last few days. The indicator of interest here is the “Funding Rate,” which keeps track of the periodic fee that the derivatives contract traders on a given exchange are paying each other right now. Related Reading: Ethereum Bullish Signal: Adoption Hits Four-Month High Rate When the value of this metric is positive, it means the long contract holders are paying a premium to the short investors in order to keep their positions. Such a trend implies a bullish sentiment is shared by the majority. On the other hand, the indicator being negative suggests the shorts are outweighing the longs, so a bearish mentality can be assumed to be the dominant one in the sector. Now, here is a chart that shows the trend in the Bitcoin Funding Rate for two platforms, Binance and BitMEX, over the past month: As is visible in the above graph, the Bitcoin Funding Rate on both of these platforms had achieved large negative levels around the price bottom a few days back. This means that derivatives users had been expecting the decline of the cryptocurrency to continue further. The bet of these Binance and BitMEX traders clearly didn’t work out, though, as the coin has been going up since then. In fact, the liquidation of these investors is likely what has facilitated the rebound from the bottom. Bitcoin has continued this surge during the past 24 hours, breaking past the $57,000 level. According to data from CoinGlass, this BTC surge and the uplift across the rest of the sector have caused almost $123 million in liquidations. Out of these, over $88 million of the liquidations have involved the short investors, with Bitcoin shorts alone making up for around $34 million of the flush. As displayed in the Funding Rate chart, though, the metric has still continued to be negative on these platforms, suggesting that bearish speculators haven’t let up even after this heavy beating. Related Reading: Dogecoin To $0.15: Analyst Explains What Could Kick Off A Fresh Rally But as it has already happened in this surge so far, these positions could end up finding liquidation, thus fueling the price surge even further. It now remains to be seen if Bitcoin will continue to go contrary to this expectation held by the majority of the derivatives investors or not. BTC Price At the time of writing, Bitcoin is trading at around $57,000, up more than 3% over the last 24 hours. Featured image from Dall-E, Santiment.net, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":640930,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,11680,85781,6481,16082,89523,1119,1144],"class_list":["post-640918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-funding-rate","tag-bitcoin-rally","tag-bitcoin-shorts","tag-bitcoin-surge","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Surges Above $57,000, But Investors Still Shorting: Fuel For More Rise?<\/title>\n<meta name=\"description\" content=\"Data shows derivatives exchange users are still shorting Bitcoin after the recovery that the coin has enjoyed beyond the $57,000 mark.\" \/>\n<meta name=\"robots\" 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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":"Bitcoin Surges Above $57,000, But Investors Still Shorting: Fuel For More Rise?","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-57000-but-investors-shorting-fuel-rise\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-57000-but-investors-shorting-fuel-rise\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/btc_0e6720.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/btc_0e6720.png?fit=1792%2C1024"},"articleSection":"Bitcoin 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":["bitcoin","bitcoin bullish","bitcoin funding rate","bitcoin rally","bitcoin shorts","bitcoin surge","btc","btcusd"],"dateCreated":"2024-09-11T01:30:48Z","datePublished":"2024-09-11T01:30:48Z","dateModified":"2024-09-11T01:30:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Surges Above $57,000, But Investors Still Shorting: Fuel For More Rise?\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-57000-but-investors-shorting-fuel-rise\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-57000-but-investors-shorting-fuel-rise\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_0e6720.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_0e6720.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin 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\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin funding rate\",\"bitcoin rally\",\"bitcoin shorts\",\"bitcoin surge\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-09-11T01:30:48Z\",\"datePublished\":\"2024-09-11T01:30:48Z\",\"dateModified\":\"2024-09-11T01:30:48Z\"}<\/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\/2024\/09\/btc_0e6720.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640918"}],"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=640918"}],"version-history":[{"count":5,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640918\/revisions"}],"predecessor-version":[{"id":641016,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640918\/revisions\/641016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/640930"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=640918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=640918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=640918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}