Traders in the perpetual futures market tied to the $BNB token are leaning bearish as the embattled cryptocurrency faces a challenging environment on multiple fronts. LedesmaLyllah and godbole17 report in First Mover Americas
Traders in the perpetual futures market tied to the BNB token are leaning bearish as the embattled cryptocurrency faces a challenging environment on multiple fronts.
Data tracked by Coinglass show open interest and volume-weighted funding rates in perpetual futures have slipped to -0.18%, the lowest since late April. Those numbers mean shorts, or positions that profit from a price drop, are dominant, and are willing to pay longs to keep their bearish bets open. Funding rates are charged every eight hours."BNB is being heavily shorted," Huff Haus, co-founder of Pear Protocol, said, referring to the deeply negative funding rates.
At press time 1INCH was higher by about 10% over the past 24 hours. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions have been liquidated over the past 24-hours, according to CoinGlass. While there was no immediate catalyst evident, 1inch's rally appears to be a continuation of the uptrend begun following’s XRP supposed legal victory against the U.S. Securities and Exchange Commission last week.
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