Bitcoin perpetual contract unpositioned squaring to about 218,000 BTC, short-term bearish signal in market rally
2025-04-27 06:54:00
Despite the Bitcoin price rising by more than 12% in the past week, the derivatives market data shows short-term bearish sentiment. Glassnode data shows that the amount of unpositioned squaring contracts (Open Interest) for Bitcoin perpetual contracts has increased to about 218,000 BTC, up 15.6% from the beginning of March, indicating increased leverage use, which may lead to increased market volatility. In addition, the average Bitcoin futures funding rate fell to about -0.023%, indicating the dominance of short positions and the contract price is lower than the spot price, further reflecting the weakening demand for long positions in the market.
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