Matrixport: BTC funding rate turns negative, but OI remains high

The official Chinese account of crypto financial services platform Matrixport shared via X that the Bitcoin funding rate has turned negative. The platform noted that August has historically been a month of market downturns, and this year has followed the same pattern. Despite the market crash, the open interest remains high at $17.8 billion. This figure surpasses the open interest levels observed in May and July. Matrixport cautioned that there might be more liquidations on the horizon before the price of Bitcoin can recover.