Bitcoin: Traders on Binance Bet on Price Drop

Traders on Binance are massing short positions in Bitcoin, as reflected in negative funding rates. This indicates growing pessimism among investors in the futures market.

The funding rate has plummeted to -0.0073%, indicating that shorts dominate longs. A similar situation was last observed in June of last year.

In June this year, Bitcoin traded around $62,000. Current selling pressure could signal further price declines or preparation for a strong rebound.