Bitcoin funding rate drops to -6% amid market volatility

KuCoinFlash

Release Time: 02/28/2026 11:45:38

BTC

$64,587.101.56%

Summary

Bitcoin funding rates reached -6% on February 28 as BTC fell to $63,000 following U.S. and Israeli strikes on Iran. CoinGlass data shows BTC open interest rose to 687,000 within 24 hours, with over $500 million in liquidations, including $420 million in long positions. Negative funding rates indicate short dominance, while rising open interest reflects growing bearish sentiment. Traders are now shifting focus to altcoins amid evolving market dynamics.

BlockBeats report: On February 28, following U.S. and Israeli strikes on Iran, Bitcoin dropped to $63,000, and the perpetual contract funding rate fell to -6%, the second-lowest level in nearly three months—the last time the funding rate reached this level was on February 6, when Bitcoin bottomed near $60,000.

CoinGlass data shows that over the past 24 hours, BTC-denominated open interest rose from $6.68 million BTC to $6.87 million BTC, with over $500 million in crypto positions liquidated, including more than $420 million in long positions.

A deeply negative funding rate typically indicates a high concentration of short positions, with traders willing to pay a premium to maintain bearish bets. An increase in open interest denominated in BTC alongside a negative funding rate suggests heightened market participation and a growing number of traders betting on downside movement. Bitcoin is currently attempting to reclaim $64,000. (CoinDesk)

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