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Open interest in the Bitcoin futures market has fallen to its lowest level this year, and perpetual futures funding rates have turned negative, signaling increasingly bearish sentiment, according to a CoinDesk analysis.
CoinDesk said BTC futures open interest currently stands at about 652,000 BTC, down from a peak of 800,000 BTC at the start of the year. Funding rates for perpetual futures on major exchanges have also slipped to an average annualized rate of around -0.3%, indicating traders are maintaining bearish positions even while short holders pay to keep them open. CoinDesk added that leverage has not returned to the futures market even though BTC rose 40% in the third quarter.