SiliconValleyBank: Bitcoin investors in panic as market goes sideways
The BTC market has been hit by negative sentiments since the Silicon Valley Bank saga began, according to CryptoQuant’s Jay Bot. As a result, funding rates turned negative for the first time this year and have reached levels similar to those seen when FTX collapsed in November 2022.Funding rates are the fees traders pay to hold positions in futures markets. When the funding rate turns negative, traders are paying more to hold long positions than short positions.
HODLers and experienced traders are known for being deliberate in their actions, which is why the increased activity of dormant coins often coincides with major shifts in market conditions. Moreso, a spike in Age Consumed followed by a price drawdown, as is the case here, marks the formation of a local top, which often marks the beginning of a period of price decline.Furthermore, as BTC’s price dropped on 11 March, its Exchange Inflow rallied, per data from Santiment.
Generally, an increase in the number of coins moving to known exchange wallets just before a local top can indicate a widespread sell-off. Sometimes, this sell-off may be too sudden and significant for the bulls to manage. However, this has been nothing out of the ordinary in BTC’s case.Subscribe to get it daily in your inbox.
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