Bitcoin briefly fell to $63,000 after the US and Israel launched attacks on Iran, with perpetual contract funding rates dropping to -6%, the second lowest level in nearly three months. The last time funding rates reached this level was on February 6th, when Bitcoin bottomed out around $60,000. CoinGlass data shows that in the past 24 hours, coin-margined open interest rose from 668,000 BTC to 687,000 BTC, with over $500 million in cryptocurrency positions liquidated, including over $420 million in long positions. Deep negative funding rates typically indicate dense short positions, with traders willing to pay a premium to maintain bearish bets. The rise in BTC-denominated open interest coupled with negative funding rates suggests increased market participation and more traders betting on the downside. Bitcoin is currently attempting to recover to $64,000.