Dogecoin Funding Rates Turn Negative As Short Sellers Eye Further Losses
Portfolio Pulse from Murtuza Merchant
Dogecoin (DOGE) funding rates have turned negative, indicating bearish market sentiment as the meme coin sector experiences a downturn. DOGE has dropped 12% over the past week, with open interest in DOGE futures plummeting from $800 million to $611 million. The broader crypto market is shifting towards safer assets like Bitcoin and stablecoins.
June 20, 2024 | 2:06 pm
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NEGATIVE IMPACT
Bitcoin prices have struggled due to $2 billion in sales from large holders, net outflows from U.S.-listed ETFs, and a stronger dollar. This has led to a shift towards safer assets.
The article highlights that Bitcoin prices have been affected by significant sales from large holders and net outflows from ETFs, leading to a shift towards safer assets. This indicates a bearish sentiment for Bitcoin in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Dogecoin funding rates have turned negative, reflecting bearish market sentiment. DOGE has dropped 12% over the past week, with open interest in DOGE futures plummeting from $800 million to $611 million.
The article indicates a significant decline in Dogecoin's funding rates and open interest in futures, reflecting a bearish sentiment. The 12% drop in DOGE's price over the past week further underscores the negative outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100