Traders in the perpetual futures market tied to the BNB token are leaning bearish as the cryptocurrency faces a challenging environment, according to data tracked by Coinglass. Open interest and volume-weighted funding rates have slipped to -0.18%, the lowest since late April, indicating that shorts, or positions that profit from a price drop, are dominant.
The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) rose by more than 58% early Monday before giving back most of the gains. Trading volume hit $597 million, its highest level since October 2021. At press time 1INCH was higher by about 10% over the past 24 hours. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions have been liquidated over the past 24-hours, according to CoinGlass.
The Bitcoin hashrate continues to hit all-time highs, according to a JPMorgan (JPM) research report Thursday. The upcoming halving event, expected to take place in the second quarter of 2024, will reduce issuance rewards to 3.125 BTC from 6.25 BTC, implying a reduction in miners’ revenues, effectively increasing Bitcoin’s production cost at the same time, the report said.