Glassnode: BTC spot price rises, but futures market funding rates turn negative, indicating rising short interest

Odaily Planet Daily News Glassnode published an article stating that driven by the expectation of easing US-China tariffs, the price of Bitcoin once rose to $94,700, briefly breaking through the key short-term holder cost basis (STH Cost Basis) of $92,900. This level is generally regarded as the critical point for the market to turn from bear to bull. The report pointed out that the profit and loss ratio (STH P/L Ratio) of short-term holders has rebounded to 1.0, indicating that recent buyers are generally in a break-even state and there is a risk of profit-taking. In the current market, 87.3% of the Bitcoin supply is in a profitable state, an increase from 82.7% when the price was at a similar level last time, indicating that about 5% of the supply has changed hands at a low level recently. In addition, on April 22, the net inflow of US Bitcoin spot ETFs hit a record high of $1.54 billion, indicating strong institutional demand. Despite this, the funding rate in the futures market turned negative, indicating that short-selling interest has increased and market sentiment remains cautious.