CoinDesk analyzed that bearish sentiment is strengthening as Bitcoin futures market open interest (OI) has decreased to its lowest level of the year and the perpetual futures funding rate has turned negative. According to the media, the current BTC futures open interest is approximately 652,000 BTC, a decrease from the year's high of 800,000 BTC. The average perpetual futures funding rate on major exchanges is also around -0.3% on an annualized basis, meaning that short position holders are maintaining their bearish bets even by paying a fee. CoinDesk explained, "Even though BTC rose 40% in the third quarter, leveraged funds are not returning to the futures market."
