Glassnode: Bitcoin futures market's funding rate turns negative, indicating an increase in short selling interest

Odaily Planet Daily News: Glassnode reported that due to expectations of easing US China tariffs, the price of Bitcoin rose to $94700 at one point, briefly breaking through the key short-term holder cost basis (STH Cost Basis) of $92900. This level is usually considered the critical point for the market to transition from bear to bull. The report points out that the profit to loss ratio (STH P/L Ratio) of short-term holders has rebounded to 1.0, indicating that buyers are currently in a break even state and there is a risk of profit taking. In the current market, 87.3% of Bitcoin supply is in a profitable state, up from 82.7% when the price was at a similar level last time, indicating that about 5% of supply has recently changed hands at a low level. In addition, on April 22nd, the net inflow of US Bitcoin spot ETFs reached a historic high of $1.54 billion, indicating strong institutional demand. However, the negative funding rate in the futures market indicates an increase in short selling interest, and market sentiment remains cautious.