Bitcoin funding rates on Binance hit YTD lows, reflecting an increase in short positions as institutional interest wanes, turning negative. Although this may seem like a bearish signal that institutional interest in Bitcoin has decreased, institutional investors are more willing to buy when Bitcoin drops to $55K, which shows that institutional firms want to buy Bitcoin at a cheaper price.
This situation is very normal in times when individual and retail investors are undecided because institutions always want to buy cheaper. I think Bitcoin is very cheap even now and I doubt that I will be able to buy Bitcoin this cheap in the future.
Bitcoin is currently trading at $59,152 and I believe that selling this cheap will not last long. We will wait and see.
