Bitcoin funding plunges to -6% as open interest climbs before weak US jobs data hits markets

On Feb. 28, Bitcoin perpetual funding rates fell to around -6% while BTC-denominated open interest climbed from about 113,380 BTC to 120,260 BTC from the start of the year. This combination signaled heavily leveraged downside hedging ahead of the March 6 US jobs report, which showed a 92,000 decline in nonfarm payrolls and a 4.4% unemployment rate. Together, these moves highlighted how macro shocks feed into crypto through funding, open interest, and liquidations rather than headlines.