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Cryptocurrency funding decline has become quite evident in recent days. During Bitcoin's fluctuation around the $77,000-$78,000 level, funding rates on many exchanges started trading in negative territory. This indicates strong selling pressure in the market.
The decline in crypto funding rates on Ethereum is more severe than Bitcoin. Those in short positions have started paying long position holders, which is a sign of how negative the overall market sentiment is. When funding rates are negative, it shows that the contract price is diverging from the underlying asset price and that investors are incurring additional costs to maintain their positions.
The decline in crypto funding and negative rates clearly reveal that sellers are in control of the market. Currently, monitoring these kinds of indicators is critically important for understanding market sentiment.