The record short interest is led by carry trades and some amount of outright bearish bets on the second-largest cryptocurrency.

The renewed bearish flip in funding rates comes amid risk-off in Wall Street’s tech-heavy Nasdaq index.

BTC neared $95,000 in European morning hours Friday after a slump in U.S. hours sent it to near $90,000 late Thursday, down 10% from a weekly high above $120,000.