Traders are paying substantial premiums for the privilege of shorting bitcoin, and they have been doing this for quite some time. Chart 1: Mar 11 recorded the 7th lowest annualized daily funding rate since Jan 1, 2023. Mar 12 recorded the 11th lowest. Chart 2: Weekly funding rates have returned to deep negative levels. Chart 3: Even the 30-day average has been negative for 14 consecutive days, the longest streak since December 2022. Chart 4: BTC vs. 30-day average funding rate.(Vetle Lunde)