Bitcoin borrowing rates on Binance just hit a nine-month low, falling to around -0.00215—the lowest level since January last year.

This negative figure reflects the funding rate turning negative, meaning short sellers have to pay traders holding long positions. It indicates a sharp rise in demand for bearish bets relative to long positions—a cautionary signal from the derivatives market.

Although sentiment is tilted bearish, negative funding rates are not a “crystal ball” for predicting prices. If short positions continue to pile up while spot BTC demand rises, the market could become vulnerable to a sudden bullish rebound driven by forced buying to close positions.

Conversely, data show that net Bitcoin outflows from Binance reached their highest level since June 2023, alongside substantial stablecoin inflows to the exchange (+40% in 30 days)—but neither is enough to conclude that this is a direct buy signal.