Bitcoin Futures Market Shows Rising Short Pressure Amid Macro Headwinds

The Bitcoin futures market is experiencing rising short pressure as Treasury yields weigh on gold. Despite Bitcoin's strong third-quarter advance, leveraged appetite in crypto markets remains subdued.

Futures open interest stands at 652,000 BTC, near yearly lows compared to a peak of 800,000 earlier this year. The average perpetual funding rates have turned negative again, averaging about minus 0.3% across major exchanges, indicating that short sellers dominate the market.

The broader macro backdrop is also putting pressure on risk assets. Gold has dropped to $4,150 an ounce, and the dollar index holds above 101. This suggests capital is staying selective as investors respond to a tougher macro environment.