Bitget Research Institute: BTC contract funding rate fell to -0.03% for the first time in nearly two months

According to Coinglass data, the current funding rate of BTC contracts has fallen to around -0.03%, the first time in nearly two months. The main reason is that BTC fell sharply yesterday, causing the long positions of 135 million US dollars of contract users to be liquidated, and they were forced to sell the long positions of the contract. It is expected that after the market stabilizes, the contract rate of BTC will turn positive. In addition, the open interest of the entire market fell by about 1 billion US dollars, the long positions decreased significantly, and the short positions maintained a continuous increase for 3 months. This shows that the long positions of the market contracts continued to stop losses during the market decline, forming a certain run effect. The long-short ratio of the contract account is 2.79. During the decline, retail investors are still bullish on BTC through contracts. In the future, we can pay attention to whether there will be a continuous liquidation caused by the pin market to determine whether the market will reverse.