Sub-30k dip unleashes the Bitcoin bears

The bears are out in full force.


As $BTC dipped below $30k once again, the top coin’s fundamental data suggests a string of panic sell-offs, bearish sentiment and HODLer capitulation.


Good for BTC?


Let’s start by looking at Bitcoin-related market sentiment. According to our derivatives data, the perpetual contract funding rate on Bitmex has dipped to a 3-month low, and stands at -0.03% at the time of writing:

Bitcoin, Bitmex perpetual contract funding rate, past 6 months (Source: Sanbase)

The funding rate is a fee paid by one side of the perpetual contract to the other. In a word, when the funding rate is positive, the BTC longs pay the BTC shorts - and vice versa.

Although the longs dominated the boards for the first half of January, the last week has seen multiple forays into the negative funding rate

There’s more of this Insight

Choose your subscription plan

Sanbase PRO
Unlock all PRO insights
$49/mo

Years of market experience, compressed in each report

Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.

Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.

Our previous TOP calls:
insight card
signal form

What you get with Sanbase Pro:

  • Members-only daily market insights and analysis
  • 30+ on-chain, social & project indicators for 900 cryptocurrencies
  • Custom alerts for the coins' price, on-chain & social trends
  • Santiment Spreadsheet plugin with 10+ pre-made market templates
  • Personalized asset watchlists and weekly performance reports

Gain unfair advantage with Sanbase Pro

Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!