Derivatives positioning has become more defensive, with funding negative on Bitcoin and Solana and also soft on SUI, while XRP funding remains positive. The pattern points to selective short pressure rather than a uniform washout across the market.
The comparison in the script showed Bitcoin funding at -0.52%, Solana at -9.22%, and XRP still positive at almost 11%. That split matters because it suggests traders are leaning most aggressively against major assets even as some parts of the complex resist the same pressure.
Bitcoin’s own positioning gauge showed funding at -0.52%, open interest up just over 1% in the past day, and total open interest above $6 billion. Negative funding can indicate that shorts are paying to maintain exposure, but if price fails to break support cleanly it can also create the conditions for a squeeze.
That leaves the market focused less on narrative than on whether support levels continue to hold. If Bitcoin and Solana remain pinned above their floors, short positioning becomes harder to maintain; if those levels give way, de-risking can accelerate quickly.