Traders in the perpetual futures market tied to the BNB token are leaning bearish as the embattled cryptocurrency faces a challenging environment on multiple fronts.
Data tracked by Coinglass show open interest and volume-weighted funding rates in perpetual futures have slipped to -0.18%, the lowest since late April. Those numbers mean shorts, or positions that profit from a price drop, are dominant, and are willing to pay longs to keep their bearish bets open. Funding rates are charged every eight hours."BNB is being heavily shorted," Huff Haus, co-founder of Pear Protocol, said, referring to the deeply negative funding rates.
At press time 1INCH was higher by about 10% over the past 24 hours. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions have been liquidated over the past 24-hours, according to CoinGlass. While there was no immediate catalyst evident, 1inch's rally appears to be a continuation of the uptrend begun following’s XRP supposed legal victory against the U.S. Securities and Exchange Commission last week.