Bitcoin perpetual futures funding rates fell to approximately -6% on February 28, while BTC-denominated open interest increased from around 113,380 BTC to 120,260 BTC. According to NS3.AI, this indicates a strong bearish positioning ahead of a U.S. labor report. The report revealed a decrease in nonfarm payrolls by 92,000 and an increase in unemployment to 4.4%, illustrating the impact of macroeconomic shocks on leveraged positions in the cryptocurrency market.
