Bitcoin down 3.5%, as perpetual funding rate turns negative, 180M in liquidations in 4 hours

Quick Take

• Bitcoin is down over 3.5% — resulting in over $180 million of liquidations in the past 4 hours in crypto.
• Roughly all the liquidations have occurred from long liquidations — 97.5% in the past 4 hours.
• The perpetual funding rate has turned negative on Binance, while the perpetual open interest for the BTCUSDT pair on Binance also dropped — over 5%.

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