Traders in the perpetual futures market tied to the BNB token are leaning bearish as the embattled cryptocurrency faces a challenging environment on multiple fronts, 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. BNB is being heavily shorted, said Pear Protocol’s pseudonymous co-founder Huf. The sentiment has worsened due to recent high-profile staff exits, inconsistencies related to BCH withdrawals from Binance.US, and the pending Department of Justice case against Binance’s CEO Changpeng CZ Zhao. Binance, facing regulatory pressures worldwide, has laid off 1,000 or more employees in recent weeks. Over the weekend, CZ tried to calm market nerves, calling recent layoffs involuntary terminations and dismissing the layoff figure reported by media as FUD (fear, uncertainty, and doubt). However, the market remains nervous, as evident from the deeply negative funding rates, with some observers fearing more bad news ahead. A move above $265 could see some short covering, according to pseudonymous trader Skew. At press time, BNB traded at $242, according to market data.