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On Thursday, the cryptocurrency market experienced a nearly $1 billion drop in liquidations within 24 hours. This was primarily due to altcoins like TAO, ASTER, and LDO falling by more than 12%. The total amount of Bitcoin futures contracts was steady at around $25 billion. However, the funding rates on exchanges like Binance and OKX were negative, ranging from -2% to -3%. Such a negative funding rate implies that short position holders are paying long position holders. Hence, many traders are currently bearish and expecting more price decline.

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