Bitcoin funding rates hit most negative since 2023, history suggests bottom is in

What Happened

Bitcoin funding rates have dropped to their most negative levels since 2023, reaching approximately -0.005% on a seven-day moving average, according to Glassnode data. Historically, deeply negative funding rates have coincided with market bottoms across multiple cycles, including the 2020 COVID crash, 2021 China mining ban, 2022 FTX collapse, and 2023 Silicon Valley Bank crisis. Bitcoin has climbed from mid-$60,000s to around $75,000 despite sustained negative funding throughout March and April.

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