Matrixport published a chart on the X platform saying that the Bitcoin funding rate turned negative. August (and September) have historically been months for Bitcoin to fall, and this year seems to be no exception.
The sharp fluctuations in Bitcoin futures positions drove prices up in May and July. However, with the funding rate now turning negative, the market is experiencing a downward trend.
Nevertheless, the current position holdings are still as high as $17.8 billion, compared to $16 billion in May and July, indicating that there may be more liquidations before a rebound.