Bitcoin Perpetual Contract Funding Rates Drop by 62% Amidst Downtrend

Funding rates for long Bitcoin perpetual contracts have plummeted significantly, according to data from Glassnode and Foresight News. The monthly funding rate has dropped by a remarkable 62%, falling from $338 million in mid-August to the current level of $127 million. This decrease suggests a notable shift in investor sentiment as traders are increasingly pulling back on their long positions, opting out of paying interest for their speculative bets.