Perpetual funding rates dropped to -6%, matching the most negative level in three months, signaling aggressive short positioning as bitcoin briefly fell to $63,000. Coin margined open interest climbed to 687,000 BTC, indicating increased participation despite the price swing. Bitcoin is looking to reclaim $64,000 on a possible short squeeze after earlier falling to as low as $63,000 following U.S. and Israeli strikes on Iran.
Meanwhile, coin-margined open interest rose from 668,000 BTC to 687,000 BTC over the past 24 hours. Measuring open interest in BTC terms removes the distortion caused by price swings. Rising open interest alongside negative funding suggests growing participation, with an increasing share of traders positioned for further downside.
In the past 24 hours, more than $500 million in crypto positions have been liquidated, according to CoinGlass data. The bulk of those liquidations were long positions, totaling over $420 million, highlighting the scale of forced selling as prices moved lower.
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