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

quick take

• Bitcoin is down more than 3.5%, with over $180 million liquidated in cryptocurrencies in the last four hours.
• Nearly all liquidations come from long-term liquidations, accounting for 97.5% in the last four hours.
• Binance’s perpetual funding rate turned negative, and Binance’s perpetual open interest on the BTCUSDT pair also fell by more than 5%.

Post Bitcoin Drops 3.5%, Perpetual Funding Rate Turns Negative, 180 Million Liquidations In 4 Hours First Appears On CryptoSlate.