Traders in the perpetual futures market tied to the BNB token are leaning bearish as the embattled cryptocurrency faces a challenging environment on multiple fronts.

Data tracked by Coinglass show open interest and volume-weighted funding rates in perpetual futures have slipped to -0.18%, the lowest since late April. It shows shorts, or positions that profit from a price drop, are dominant, and are willing to pay longs to keep their bearish bets open.