Gate News message, April 17 — According to on-chain data analytics firm Glassnode, Bitcoin’s perpetual futures funding rate has fallen to its lowest level since 2023. A negative funding rate typically signals that short positions are gaining weight and market participants are expecting a price decline.
Despite funding rates remaining consistently negative throughout March and April, Bitcoin’s price has gradually risen from lows near $60,000 to approximately $75,000, revealing an inverse relationship between derivatives market sentiment and actual price movement. Historical data shows similar patterns: periods when funding rates turned negative often coincided with market bottoms, including the March 2020 pandemic crash, the mid-2021 correction, and the 2022 FTX collapse.
While current data may suggest a potential market bottom, investors should closely monitor macroeconomic developments and liquidity conditions before drawing conclusions.
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