Matrixport: Bitcoin funding rates turn negative

On August 5th news, Matrixport posted a chart on the X platform saying that the Bitcoin funding rate turned negative. August (and September) have traditionally been the months when Bitcoin fell, and this year seems to be no exception. Large fluctuations in Bitcoin futures positions drove the price up in May and July. However, with the funding rate now turning negative, the market is experiencing a downward trend. Although this is the case, the current position holdings are still as high as $17.80 billion, compared to $16 billion in May and July, indicating that there may be more liquidations before there is a rally.