Current funding rates on major CEXs and DEXs indicate a weakening bearish trend for BTC and ETH, with market sentiment leaning towards neutral to weak.
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CryptoOnchain: Increased miner outflows and inflows of older coins into CEXs may indicate that Bitcoin is entering a distribution phase.
According to BlockBeats on July 3rd, CryptoOnchain analysis indicates recent on-chain data showing structural changes in the behavior of long-term holders and miners. Over the past week, average miner outflows increased by 564%, while inflows of older coins (18-24 months old) on Binance surged compared to the 30-day benchmark. CryptoOnchain states that the simultaneous flow of older coins and miner rewards to CEXs typically indicates a market in a distribution phase. However, Binance's daily net inflow of stablecoins averaged -$126 million, suggesting insufficient spot liquidity. Simultaneously, Binance's funding rate rose 87% week-on-week and turned positive, indicating that speculative traders are still building leveraged long positions. The report believes that until stablecoin inflows recover sufficiently to absorb miner and older coin selling pressure, the market may struggle to form a clear structural bottom, and excessively leveraged long positions remain at risk.
trade.xyz Trading volume surged at Micron and Hynix, with funding rates indicating bottom-fishing activity.
According to BlockBeats, on July 2nd, Micron and SK Hynix, which have been undergoing a correction since late June, experienced another drop last night and this morning. Notably, the trading volume of Micron and SK Hynix has risen to the top two on the platform, with 24-hour trading volumes of $516 million and $465 million respectively. Funding rates indicate that these stocks may have seen bargain hunters. SK Hynix's annualized funding rate has reached a high of 314.4%, making it the second most expensive funding rate after Zhipu (although Zhipu's holdings and trading volume are significantly lower than SK Hynix's).
If Bitcoin breaks through $62,000, the cumulative short-selling intensity on major CEXs will reach $442 million.
According to BlockBeats, on July 1st, data from Coinglass indicates that if Bitcoin breaks through $62,000, the cumulative short liquidation intensity on major CEXs will reach 442 million. Conversely, if Bitcoin falls below $58,000, the cumulative long liquidation intensity on major CEXs will reach 818 million. BlockBeats Note: The liquidation chart does not show the exact number of contracts pending liquidation, or the exact value of contracts being liquidated. The bars on the liquidation chart represent the importance of each liquidation cluster relative to its neighboring clusters, i.e., its strength. Therefore, the liquidation chart shows the extent to which a price level will be affected. Higher "liquidation bars" indicate a stronger reaction to the price movement due to liquidity surges.
Data: If ETH falls below $1,709, the total liquidation intensity of long positions on major CEXs will reach $728 million.
According to ChainCatcher, Coinglass data shows that if ETH falls below $1,709, the total liquidation intensity of long positions on major CEXs will reach $728 million. Conversely, if ETH breaks through $1,888, the total liquidation intensity of short positions on major CEXs will reach $584 million.
Data: If ETH falls below $1,683, the total liquidation intensity of long positions on major CEXs will reach $758 million.
According to ChainCatcher, data from Coinglass shows that if ETH falls below $1,683, the total liquidation intensity of long positions on major CEXs will reach $758 million. Conversely, if ETH breaks through $1,859, the total liquidation intensity of short positions on major CEXs will reach $649 million.
Data: If ETH breaks through $1,854, the cumulative short liquidation intensity on major CEXs will reach $602 million.
According to ChainCatcher, Coinglass data shows that if ETH breaks through $1,854, the total short liquidation intensity on major CEXs will reach $602 million. Conversely, if ETH falls below $1,684, the total long liquidation intensity on major CEXs will reach $576 million.