BTC Funding on Binance Drops to Negative Values

Data from CryptoQuant indicates a surge in short positions held by traders on the Binance exchange. The Bitcoin funding rate has dropped into negative territory, signaling a dominance of selling pressure.

The funding level has fallen to -0.0073%. This implies that market participants anticipate further price declines for the asset.

Similar metrics were recorded in June of this year. During that period, Bitcoin was trading near the $62,000 mark.