CryptoQuant analyst Darkfost said a negative Binance funding rate marked a shift in Bitcoin derivatives trading as BTC traded at $80,300 and U.S. annual inflation reached 3.7%.
The Binance rate was -0.0073%, according to Darkfost’s CryptoQuant post. In perpetual futures, a negative funding rate means traders with short positions pay those holding long positions.
Darkfost compared the reading with June, the last time he said Binance’s rate was below zero; Bitcoin was then near $62,000. He also cited hotter consumer and producer price readings as part of a bearish backdrop.
The U.S. Bureau of Labor Statistics (BLS) said the all-items Consumer Price Index rose 3.7% over the 12 months through September, compared with 3.4% through August. That was a 0.3 percentage-point increase in the annual rate. The agency has scheduled its next CPI release for Nov. 10 at 8:30 a.m. ET.
