Odaily cited a post from Darkfost on X saying Binance’s BTC funding rate has turned negative, falling to -0.0073%, a sign that demand from short positions in the derivatives market has strengthened. Darkfost noted that Binance uses a 0.01% interest parameter in its funding-rate formula, which means a neutral funding rate is not actually 0%. He added that the last similar reading appeared in June this year, when BTC was trading at around $62,000. Darkfost also said U.S. CPI and PPI both came in above expectations this week, lifting market expectations for future Federal Reserve rate hikes. After breaking above $87,000 a few days ago, BTC has since pulled back. He said traders should now watch the $80,000 and $74,000 levels.
Odaily reported that Darkfost said in a post on X that Binance’s BTC funding rate has turned negative, dropping to -0.0073%, which points to stronger demand from shorts in the derivatives market.
Darkfost said Binance’s funding-rate formula uses a 0.01% interest parameter, so a neutral funding rate is not 0%. He added that the last similar situation occurred in June this year, when BTC was trading at about $62,000.
He also said both U.S. CPI and PPI came in above expectations this week, raising market expectations for future Federal Reserve rate hikes. After moving above $87,000 a few days ago, BTC pulled back. The levels to watch now are $80,000 and $74,000.
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