Bitcoin bulls pause leveraged bets as demand cools post-halving
traders appear to have scaled back their bets on the world's largest cryptocurrency as its two major tailwinds subside.
The Bitcoin funding rate — the premium paid by traders to open new long positions in the token's perpetual futures market — on April 19 turned negative for the first time since October 2023, CryptoQuant data shows.
The metric underscores a moderation in demand for Bitcoin after a period in which a batch of US spot-Bitcoin ETFs drove the token to record highs.
Net inflows to those ETFs have waned in recent weeks, while the hotly-anticipated halving, a quadrennial event that slashes rewards earned by miners that secure the blockchain and reduces the supply of new coins in the market, had a minimal impact on Bitcoin's price last week.
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View Details»Bitcoin reached a peak of $73,798 in March but has corrected nearly 13% since, trading at $64,214 as of 08:35 a.m. on Thursday in London. Buyers' enthusiasm for the original cryptocurrency has cooled in part due to growing risk aversion linked to tensions in the Middle East, as well as
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