Bitcoin bears pay to bet on further declines as futures positions near yearly lows
Overall demand for leveraged exposure remains weak, marked by sliding futures open interest. The capital that’s still in the market appears skewed toward bearish positions.
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Summary
- Bitcoin is trading around $82,800, down more than 2% in 24 hours.
- Perpetual funding has turned negative and open interest has fallen to 652,000 BTC, suggesting traders are closing positions as sentiment weakens.
- Gold has dropped to around $4,150 an ounce, while the dollar index is above 101.
