“Buy The Dip” Sentiment Fails To Save Crypto Market, New Data Reveals Why

“Buy The Dip” Sentiment Fails To Save Crypto Market, New Data Reveals Why

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“Buy The Dip” Sentiment Fails To Save Crypto Market, New Data Reveals Why

NewsBTCa month ago
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Published on June 27, 2022 22:16 GMT+00:00edited on June 28, 2022 16:24 GMT+00:00

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Since crypto prices have fallen to their lowest point, now is the ideal time to “Buy-the-Dip.” But during these brief price declines, traders appear to be shorting cryptocurrency more than they are buying it.

“Buy-the-Dip” Sentiments Does Not Stop Crypto Shorting

More short sales or shorting occur in altcoins than in bitcoin. In the past day, short holdings in Bitcoin (BTC) have averaged roughly 51% across exchanges, while short positions in altcoins have averaged about 55%.

BTC/USD hovers around $20k. Source: TradingView

Santiment, an on-chain analytics tool, states that data on the average funding rate for Bitcoin and altcoins relative to the price of bitcoin shows that traders continue to short altcoins at every minor decline. The long/short ratio for Bitcoin, in contrast, …