Bitcoin funding rates have reached the highest level of negativity YTD on Binance

Bitcoin-funding-rates-have-reached-the-highest-level-of-negativity-YTD-on-Binanc

The funding rates of Bitcoin on Binance have been negative for the third consecutive day, reaching levels not seen since October 2023.

The average Bitcoin funding rate indicator that counts the funding rates on all exchanges is now also negative. 

This means that short positions are now dominating the perpetual market.

Taking this into consideration, and as Binance has the largest share of open interest (OI), this could indicate a bearish market sentiment for the short term.