Glassnode: The funding rate for Bitcoin futures markets has turned negative, indicating a rise in shorting interest.

Odaily News Glassnode stated that driven by expectations of easing tariffs between the U.S. and China, the price of Bitcoin briefly rose to $94,700, surpassing the critical short-term holder cost basis (STH Cost Basis) of $92,900. This level is often seen as the tipping point for the market to transition from bear to bull. The report indicates that the short-term holder’s profit and loss ratio (STH P/L Ratio) has risen to 1.0, suggesting that recent buyers are overall in a breakeven state, with a risk of taking profits. Currently, 87.3% of the 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 the supply has changed hands at lower levels recently. Additionally, on April 22, the net inflow of Bitcoin spot ETFs in the United States reached a historical high of 1.54 billion USD, indicating strong institutional demand. Nevertheless, the funding rate in the futures market turned negative, suggesting an increase in short interest, and market sentiment remains cautious.