Matrixport: Bitcoin funding rates turn negative, with positions still at a high of $17.8 billion

ChainCatcher message, Matrixport released a chart on platform X stating that the Bitcoin funding rate has turned negative. August (and September) has historically been a month of decline for Bitcoin, and this year seems no exception.

The significant volatility in Bitcoin futures positions in May and July drove prices up. However, with the funding rate now turning negative, the market is experiencing a downward trend.

Despite this, the current position open interest remains as high as $17.8 billion, compared to $16 billion in May and July, indicating that there may be more liquidations before a rebound occurs.