PANews reported on February 28 that after the United States and Israel launched attacks on Iran, Bitcoin previously dropped to a low of $63,000 and is now attempting to recover to $64,000 amid potential short squeeze. Meanwhile, according to CoinGlass data, the perpetual contract funding rate fell to -6%, 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. Deep negative funding 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, over the past 24 hours, open interest measured in BTC 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 amid negative funding rates suggests increasing market participation, with more traders positioning for further declines.
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