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Glassnode: The BTC Spot Price Rises, but Negative Funding Rates in the Futures Market Indicate Rising Short Interest

Glassnode: The BTC Spot Price Rises, but Negative Funding Rates in the Futures Market Indicate Rising Short Interest

星球日报星球日报2025/04/24 15:26
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According to Odaily, Glassnode reports that driven by expectations of eased US-China tariffs, the price of Bitcoin once rose to $94,700, briefly surpassing the critical Short-Term Holder Cost Basis (STH Cost Basis) of $92,900. This level is typically seen as the tipping point from a bear to a bull market.
The report highlights that the Short-Term Holder Profit/Loss Ratio (STH P/L Ratio) has returned to 1.0, indicating that recent buyers are generally at a breakeven point, posing a risk of profit-taking. Currently, 87.3% of Bitcoin's supply is in a state of profit, up from 82.7% when prices were at similar levels previously, indicating that approximately 5% of the supply has changed hands at lower levels recently.
On April 22nd, U.S. Bitcoin spot ETF net inflows reached a record high of $1.54 billion, showing strong institutional demand. Nevertheless, the negative funding rates in the futures market indicate rising short interest, and market sentiment remains cautious.

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