TechFlow News, February 28: According to a Coindesk report, CoinGlass data shows that the Bitcoin perpetual contract funding rate has dropped to -6%, reaching one of its lowest levels in three months. This occurred as Bitcoin briefly fell to $63,000 following U.S. and Israeli strikes against Iran, triggering aggressive short positioning in the market.
Meanwhile, open interest denominated in Bitcoin rose from 668,000 BTC to 687,000 BTC, indicating increasing market participation despite price volatility. A negative funding rate typically signals strong bearish sentiment, with traders willing to pay a premium to maintain short positions.
Over the past 24 hours, more than $500 million worth of cryptocurrency positions were liquidated, with long liquidations exceeding $420 million. Bitcoin is currently attempting to reclaim the $64,000 level, and market analysts suggest a potential short squeeze may emerge.
