Crypto Derivatives Show Growing Pessimism Around Binance’s Token
- Funding rate for Binance native coin BNB dropped sharply
- Bearish traders are willing to pay a fee to keep BNB shorts
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Crypto traders are turning increasingly bearish on the BNB token that serves as the centerpiece of the embattled Binance digital-asset trading platform.
The negative sentiment is most reflected on the perpetual swap market, a type of futures contract used in crypto markets that do not expire. Data from Coinglass shows that the open interest-weighted funding rate turned negative this weekend, meaning that speculators betting on a price decline are willing to pay those counting on gains to keep their bearish positions on BNB open.