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Altcoins

Binance Traders Are Aggressively Shorting These Altcoins, Rocket Fuel For Price Surge?

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

An analytics firm has revealed that three altcoins have been seeing bearish bets on Binance, which may help fuel rebounds.

Tron, Stellar, And 1inch Have Seen Negative Funding Rates Recently

In a new post on X, the on-chain analytics firm Santiment has recently discussed the trend in the Binance Funding Rate for a few different altcoins.

Related Reading: Is Bitcoin Transitioning To A Bear Market? This Metric May Suggest So

The “Funding Rate” is an indicator that keeps track of the periodic amount of fees that the traders on a given derivatives exchange (which, in the current case, is Binance) are exchanging between each other.

When the metric has a positive value, it means the long contract holders are paying a premium to the short investors to hold onto their positions right now. Such a trend implies a bullish mentality is the dominant one in the market.

On the other hand, the indicator under the zero mark suggests that the short investors currently outweigh the long ones, so the majority shares a bearish sentiment.

Now, here is a chart that shows the trend in the Binance Funding Rate for three altcoins, 1inch Network (1INCH), Tron (TRX), and Stellar (XLM), over the past month:

Altcoins Funding Rate

Looks like the value of the metric has been red for all three of these coins recently | Source: Santiment on X

The above graph shows that the Binance Funding Rate has been negative for all three of these altcoins recently, suggesting that more traders have been trying to bet against a price rise.

1inch appears to have been having it the worst in terms of this indicator, with its value currently being a negative 0.079%. While the red values of the metric would suggest the crowd has been bearish, they may not be bad for their prices.

This is because a mass liquidation event is generally the most likely to affect the market with the most positions. The probability of such liquidations will be raised even more if the positions on the market involve significant leverage. As Santiment explains,

When we see heavy bets against an asset, liquidations can occur which act as “rocket fuel” for the asset’s price to rise higher. Going against the crowd of doubters could pay dividends.

Related Reading: Ethereum Rockets Forward With 3.3% Network Growth While Bitcoin Goes Stale

Thus, it remains to be seen how the prices of these altcoins will develop from here on out, given this potential rocket fuel brewing in the background.

TRX Price

Tron, the largest of these three altcoins, has had a bearish week, much like the rest of the cryptocurrency sector, but in terms of monthly returns, TRX investors haven’t had a bad time at all as the asset has managed to outperform the likes of Bitcoin (BTC) with its 18% surge.

The below chart shows what the recent performance of Tron has looked like.

Tron Altcoin Price Chart

The price of the altcoin appears to have gone up over the last few weeks | Source: TRXUSD on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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