Analysis: Bitcoin funding rate drops to -6%, which may trigger a potential short squeeze行情
According to CoinDesk, after the attacks by the United States and Israel on Iran, Bitcoin briefly fell to a low of $63,000 and is currently trying to recover $64,000 amid a potential short squeeze.
Meanwhile, according to data from CoinGlass, the perpetual contract funding rate has dropped to -6%, marking the second lowest level in the past three months. When the rate is positive, traders holding long positions pay fees to those holding short positions. When the rate turns negative, shorts pay longs. Deeply negative rates typically indicate aggressive short positions and bearish sentiment, as traders are willing to pay a premium to maintain their bearish bets.
At the same time, in the past 24 hours, the open interest in Bitcoin terms has increased from 668,000 BTC to 687,000 BTC. Measuring open interest in BTC terms can eliminate distortions caused by price fluctuations. The rise in open interest against a backdrop of negative funding rates indicates that market participation is increasing, with more and more traders positioning for further declines.
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