{"id":61332,"date":"2026-02-04T09:22:24","date_gmt":"2026-02-04T02:22:24","guid":{"rendered":"https:\/\/hbbgroup.net\/eth-funding-rate-turns-negative-but-us-macro-conditions-mute-the-buy-signal\/"},"modified":"2026-02-04T09:22:24","modified_gmt":"2026-02-04T02:22:24","slug":"eth-funding-rate-turns-negative-but-us-macro-conditions-mute-the-buy-signal","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/eth-funding-rate-turns-negative-but-us-macro-conditions-mute-the-buy-signal\/","title":{"rendered":"ETH funding rate turns negative, but US macro conditions mute the buy signal"},"content":{"rendered":"<div data-testid=\"html-renderer-container\">\n<p data-ct-non-breakable=\"undefined\"><strong>Key takeaways:<\/strong><\/p>\n<ul>\n<li>\n<p data-ct-non-breakable=\"undefined\">Ether dropped 28% in a week to $2,110 as investors cut risk and markets wiped out leveraged traders.<\/p>\n<\/li>\n<li>\n<p data-ct-non-breakable=\"undefined\">Spot ETH ETF outflows reached $447 million as Ethereum network activity fell by 47%.<\/p>\n<\/li>\n<\/ul>\n<p>Ether (<a href=\"http:\/\/cointelegraph.com\/ethereum-price\">ETH<\/a>) plummeted to $2,110 on Tuesday, signaling fragility following a brutal 28% price correction over seven days. Investors retreated into cash and short-term government bonds as the tech-heavy Nasdaq Index also fell 1.4%.\u00a0<\/p>\n<p>Traders worry that valuations have become overextended and overly reliant on the artificial intelligence sector. Sentiment soured after Nvidia (NVDA US) CEO Jensen Huang denied plans to <a href=\"https:\/\/cointelegraph.com\/news\/openai-too-big-to-fail\">invest $100 billion in OpenAI<\/a>. <\/p>\n<p>Investors braced for additional volatility following disappointing quarterly results from fintech giant Paypal (PYPL US). Meanwhile, gold prices climbed 6%, and silver gained 9%, suggesting a lack of confidence in the US Federal Reserve&#8217;s ability to prevent a recession.\u00a0<\/p>\n<p>Concerns over inflated stock market valuations prompted traders to become increasingly risk-averse, causing demand for bullish leveraged ETH positions to evaporate.<\/p>\n<figure>    <img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-02\/019c257b-07b8-791f-9c57-20af230afef1.png\" title><figcaption><em>ETH perpetual futures annualized funding rate. Source: <\/em><a href=\"http:\/\/laevitas.ch\" rel=\"nofollow noopener\" target=\"_blank\" title=\"http:\/\/laevitas.ch\"><em>laevitas.ch<\/em><\/a><\/figcaption><\/figure>\n<p>The ETH perpetual futures <a href=\"https:\/\/cointelegraph.com\/news\/is-bitcoin-negative-futures-funding-rate-a-sign-of-an-upcoming-btc-price-crash\">annualized funding rate<\/a> turned negative on Tuesday, indicating that shorts (sellers) are paying fees to maintain their positions. This rare shift reflects a profound lack of confidence from longs (buyers).\u00a0<\/p>\n<p>Market participants are now debating whether this extreme fear presents a strategic entry point, especially since ETH has underperformed the broader cryptocurrency market by 10% over the last 30 days.<\/p>\n<figure>    <img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-02\/019c257b-0c63-7ddc-8569-8a7ea977121c.png\" title><figcaption><em>Total crypto capitalization (blue) vs. ETH\/USD (orange). Source: <\/em><a href=\"https:\/\/tradingview.com\" rel=\"nofollow noopener\" target=\"_blank\" title=\"http:\/\/tradingview.com\"><em>Tradingview<\/em><\/a><\/figcaption><\/figure>\n<p>Ether investors grew uneasy as other major cryptocurrencies weathered less severe corrections over the past month; Bitcoin (<a href=\"http:\/\/cointelegraph.com\/bitcoin-price\">BTC<\/a>) dropped 17%, BNB (<a href=\"http:\/\/cointelegraph.com\/binance-coin-price-index\">BNB<\/a>) fell 14%, and Tron (<a href=\"http:\/\/cointelegraph.com\/tron-price-index\">TRX<\/a>) declined 4%. Ether\u2019s weekly slide to $2,110 forced the liquidation of over $2 billion in leveraged bullish ETH futures, fueling concerns of further downside as market sentiment turns bearish.<\/p>\n<figure>    <img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-02\/019c257b-1070-7fed-bd1d-a798ab977b7a.png\" title><figcaption><em>ETH futures 24-hour liquidations, USD. Source: Coinglass<\/em><\/figcaption><\/figure>\n<h2>Ether pressured as exchange-traded funds outflows signal cooling demand<\/h2>\n<p data-ct-non-breakable=\"undefined\">Ether price was further burdened by $447 million in net outflows from US-listed Ethereum spot exchange-traded funds (ETFs) over five days. Institutional demand has cooled, despite continued accumulation from firms like <a href=\"https:\/\/cointelegraph.com\/news\/fundstrat-tom-lee-cites-lack-leverage-metals-vortex-ether-slump\">Bitmine Immersion<\/a> (BMNR US), Sharplink (SBET US), and The Ether Machine (ETHM US). Traders remain wary of potential sell pressure stemming from the $14.4 billion held in aggregate Ethereum ETFs.<\/p>\n<p data-ct-non-breakable=\"undefined\">As interest in decentralized applications (dApps) waned, the appetite for ETH diminished significantly.<\/p>\n<figure>    <img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-02\/019c257b-1482-7aab-84fc-4d4c3a3fa945.png\" title><figcaption><em>Decentralized exchanges&#8217; monthly volumes by blockchain, USD. Source: DefiLlama<\/em><\/figcaption><\/figure>\n<p data-ct-non-breakable=\"undefined\">Trading volumes on Ethereum decentralized exchanges (DEX) reached $52.8 billion in January, a sharp drop from $98.9 billion in October 2025. This 47% decline in activity reduces incentives for holders; typically, high demand for blockchain processing triggers the network\u2019s burn mechanism, which shrinks the total ETH supply.<\/p>\n<p data-ct-non-breakable=\"undefined\"><em><strong>Related: <\/strong><\/em><a href=\"https:\/\/cointelegraph.com\/news\/crypto-volume-contraction-sends-markets-back-to-2024-levels-analyst\"><em><strong>Spot crypto volumes plunge to 2024 lows amid investor demand weakens<\/strong><\/em><\/a><\/p>\n<p data-ct-non-breakable=\"undefined\">Addresses linked to Ethereum co-founder Vitalik Buterin sold approximately $2.3 million in ETH after earmarking <a href=\"https:\/\/cointelegraph.com\/news\/vitalik-buterin-45m-eth-privacy-open-hardware\">$45 million for donations<\/a> toward privacy technologies, open hardware, and secure software. Buterin said that a total of 16,384 ETH from his personal holdings will be gradually deployed over the coming years.<\/p>\n<p data-ct-non-breakable=\"undefined\">The current lack of demand for bullish ETH perpetual futures should not be viewed as a signal for a quick reversal. Onchain metrics continue to weaken, and overall sentiment remains cautious given the prevailing macroeconomic uncertainty.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\" label=\"Subscription Form: Markets Outlook\"><\/template><\/div>\n<p data-testid=\"post-category-disclaimer\"><span>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Key takeaways: Ether dropped 28% in a week to $2,110 as investors cut risk and markets wiped out leveraged traders. [&hellip;]<\/p>","protected":false},"author":5,"featured_media":61333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-61332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/61332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=61332"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/61332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/61333"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=61332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=61332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=61332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}