Bitcoin News: Recent analysis data shows that the financing rate of Bitcoin futures is starting to turn red.
Bitcoin financing rate
The chart provided by Glassnode shows that the permanent funding rate of Bitcoin futures on all crypto exchanges is starting to turn negative.
As a rule, negative funding rates indicate negative market sentiment as investors are now paying to be short.
At the time of writing, the flagship cryptocurrency is changing hands at $36,532 after seeing several major dips since the beginning of the month, when it held above the $58,000 level.
Overall, Bitcoin’s losses in May are around 38 percent.