2 key metrics point toward further downside for the entire crypto market

) plunged to its lowest level in 9 months after the number of users and transactions declined by 15% over the last 30.The OKX Tether premium gauges China-based retail demand and it measures the difference between the China-based peer-to-peer trades and the United States dollar.

Excessive buying demand puts the indicator above fair value at 100%. On the other hand, Tether’s market offer is flooded during bearish markets, causing a 4% or higher discount.The OKX Tether premium peaked at 2% on April 28, its highest level in 2022. The movement coincided with Bitcoin breaking above $40,000, but its price reverted later that day. Currently, the Tether premium stands at 0%, signaling a neutral sentiment from retail traders.

A positive funding rate indicates that longs demand more leverage. However, the opposite situation occurs when shorts require additional leverage, causing the funding rate to turn negative.As shown above, the accumulated seven-day funding rate is slightly positive for Bitcoin and Ether. Data indicates slightly higher demand from longs , but nothing that would force traders to close their positions. For instance, Luna’s positive 0.15% weekly rate equals 0.

The absence of the Tether premium in Asia and the flattish perpetual contract premiums signal a lack of demand from retail traders right as the total crypto market capitalization struggles to sustain the $1.75 trillion support.

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