Glassnode: Bitcoin futures market funding rate turns negative, indicating rising short interest

Odaily News Glassnode said in a post that driven by the expectation of easing US-China tariffs, the price of Bitcoin once rose to $94,700, briefly breaking through the key short-term holder cost basis (STH Cost Basis) of $92,900. This level is generally regarded as the critical point for the market to turn from bear to bull.
The report pointed out that the profit and loss ratio (STH P/L Ratio) of short-term holders has risen back to 1.0, indicating that recent buyers are generally in a break-even state and there is a risk of profit-taking. In the current market, 87.3% of the Bitcoin supply is in a profitable state, an increase from 82.7% when the price was at a similar level last time, indicating that about 5% of the supply has changed hands at a low level recently.
In addition, on April 22, the net inflow of US Bitcoin spot ETFs hit a record high of US$1.54 billion, indicating strong institutional demand. Nevertheless, the funding rate in the futures market turned negative, indicating an increase in short-selling interest and market sentiment remained cautious.