Weak demand for leveraged exposure is evident, with futures open interest decreasing. The remaining capital in the market leans towards bearish positions.
By James Van Straten|Edited by Omkar GodboleSep 28, 2026, 5:29 a.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin Funding Rates (Glassnode)SummaryShow- Bitcoin is currently valued at approximately $82,800, reflecting a decline of over 2% in the last 24 hours.
- Perpetual funding rates have turned negative, with open interest decreasing to 652,000 BTC, indicating traders are retracting positions amid weakening sentiment.
- Gold prices have dropped to about $4,150 per ounce, while the dollar index has risen above 101.
Traders are pulling back from the bitcoin BTC$82,742.29 futures market, and those remaining are paying to maintain bearish bets.
This trend is underscored by key indicators like open interest and annualized perpetual funding rates.
As of now, open interest, which denotes the volume of active futures contracts, is at 652,000 BTC, marking one of its lowest figures this year, having peaked at 800,000 earlier in the year, according to Coinglass data.
This decline indicates a withdrawal of capital, as traders shy away from leveraged positions, despite a 40% increase in bitcoin's price during the third quarter.
Moreover, perpetual funding rates have shifted into negative territory, averaging around minus 0.3% across major exchanges. While each long position is countered by a short position, the levels of interest are not equal. Negative funding rates reveal that short sellers are aggressively pursuing trades and are willing to incur costs to maintain their bearish positions.
In summary, the current negative funding rate suggests a bearish outlook.
This follows a recent 2% decline in bitcoin's price to $82,800, occurring shortly after President Donald Trump stated he would not rule out further military action against Iran ahead of the U.S. midterm elections.
Nevertheless, bitcoin remains over $20,000 higher than its summer cycle low and continues to be the top-performing asset of the third quarter.
BTC Open Interest (Coinglass)Gold Faces Pressure Amid Rising Dollar
Bitcoin is not the only asset experiencing losses.
Gold has also seen a 3% decrease over the past 24 hours, trading around $4,150 per ounce. The bitcoin-to-gold ratio, which indicates how many ounces of gold can be purchased with one bitcoin, is nearing 20 and is close to turning positive for the year.
Simultaneously, the DXY index, which measures the dollar's strength against a basket of other currencies, has surpassed 101, driven by rising U.S. Treasury yields. The 10-year yield is currently above 5.2%, while the 30-year yield exceeds 5.51%.
The strength of the U.S. economy may be bolstering both the dollar and yields, even as persistent inflation concerns contribute to rising borrowing costs. Increased yields typically result in lower bond prices: TLT, an ETF that holds long-term U.S. Treasuries, has fallen to approximately $79, marking an all-time low.
Higher yields also enhance the attractiveness of interest-bearing assets compared to bitcoin and gold, which do not generate income.