👀👀Bears Dominate Binance Futures: Unprecedented in the Last Year 👀👀

In a report published on August 16, CryptoQuant analysts made important observations about the possible effects of futures positions on cryptocurrency exchange Binance. According to the analyst, positions on Binance reached the highest short transaction level in the last 10 months.

Bitcoin's funding rates on Binance fell to the lowest negative level of the year. These rates, which have been negative for the last three days, are at a level not seen since October 2023. In addition, the average Bitcoin funding rate, which tracks funding rates on all exchanges, is now in the negative zone. This shows that short positions have become dominant in the futures market.

In light of these developments, the presence of a large portion of open positions (OI) on Binance indicates that market sentiment may be bearish in the short term. Considering that short positions are gaining weight in the futures market and Binance's open position share (OI) is the largest in the market, it can be said that the bear market outlook can be confirmed in the short term.

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