Related: FTX Renames Blockfolio Trading App to … FTX A negative funding rate, meanwhile, implies a bearish sentiment towards the token associated with the perpetuals. A positive funding rate means longs are paying shorts to keep the position open, as the market is skewed bullish. The metric is used by exchanges offering perpetuals to balance the market and guide perpetual prices toward the spot price. The funding rate refers to the cost of holding long/short positions in one crypto’s perpetuals (futures with no expiry) market. Read more: The NFT Game That Makes Cents for Filipinos During COVID Trading data from crypto exchanges shows futures traders have been aggressively taking short positions on AXS, betting the token’s price bull run will face downward pressure soon, as the perpetual futures market for AXS has consistently seen negative funding rates.
“The problem is market timing – timing the top of the market – is notoriously difficult.” “The euphoric-herd mentality pushed the valuation to extremes and, as with any overcrowded trade, once the unwind takes place the price swings will be extremely volatile,” Denis Vinokourov, head of research at London-based quantitative finance management firm Synergia Capital, said.
#Axie infinity stock series
Related: Bank of America, Coinbase Ventures Invested in Paxos’ $300M Series D This trader bearishness could affect the price of the AXS token despite Axie Infinity being a blockchain-based project with solid fundamentals and great revenue models.
It’s crypto traders – surprising given that AXS, the governance token of Axie Infinity, has logged a year-to-date price return of over 7,000%, compared with bitcoin’s roughly 33% and ether’s 212%, according to Messari. Guess who may not be fans of the blazing Ethereum-based gaming platform Axie Infinity?
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