Traders, Unswayed by Axie Infinity Hype, Are Aggressively Shorting AXS

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It is proven that it is not that easy to win over a trader heart even when you 10x in a short period of time.

Guess who are not the fan of Axie infinity surging token Axs?

Traders are not the fan of Axie surprising enough even though axs the native token axie infinity has see a ATH which is higher than last year price, the axie infinity token has seen a 7000% compared with bitcoin’s roughly 33% and ether’s 212%, according to Messari.

This traders being bearish could affect the price of axie despite that axie inifinity being a blockchain-based project with solid fundamentals and great revenue models.

Trading data across all exchanges who have axs future trading pair has seen a huge increase in axs short, betting that the token price which have seen massive upside will see a huge down ward action as the perpetual futures market for AXS has consistently seen negative funding rates.

What is the funding rate?
it is the amount of holding a long/short in 1 crypto perpetual (futures with no expiry) market. This metric is used by exchanges offering futures in order for them to balance the market and guide perpetual prices toward the spot price. A good funding rate means longs are paying shorts to keep the position open, as the market is biased, A negative funding rate, meanwhile, implies a bearish sentiment towards the token associated with the perpetual.

The bearish move by crypto traders seems stupid as axie infinity, the ethereum based trading and battling game which has received a positive reaction from the crypto market, The project has also quickly become the highest protocol on the Ethereum blockchain by revenue.

DATA from Token Terminal shows that axie infinity the sport has logged the very best revenue within the past 30 days among all the blockchain based protocol with roughly $148.7 M, only behind Ethereum blockchain itself, which is at $172.8 M.