- Bitcoin market sentiment has turned bearish due to concerns about Chinese AI startup DeepSeek potentially challenging US tech dominance. - Perpetual futures funding rates for Bitcoin have flipped negative, indicating a more bearish sentiment in the market. - Bitcoin's price has dropped over 3% since early Asian hours, reaching lows under $98,000. - Nasdaq futures and tech stocks have also seen declines, with NVIDIA down 10% in pre-market trading. - The sell-off may be influenced by President Trump's recent announcement about a working group on crypto policy and DeepSeek's success in the AI industry. - While the negative flip in funding rates historically marks local price bottoms, there is still a risk of a short squeeze that could push prices up. - It is currently too early to determine if shorting Bitcoin has become an overcrowded trade.



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