Analyst: Bitcoin funding rate drops to lowest in 2023 or synchronizes with bottom

According to CoinDesk analyst James Van Straten, Bitcoin funding rates have fallen to their most negative level since 2023, with a seven day moving average of around -0.005%. Historical data shows that the depth of the capital rate is negative, which is often synchronous with the periodic bottom of Bitcoin. For example, it will fall to about 3000 dollars in 2020 during the COVID-19 epidemic, 30000 dollars in 2021 when China banned mining, 15000 dollars in 2022 when the FTX collapsed, and 20000 dollars in 2023 when the Silicon Valley banking crisis broke. Despite negative funding rates from March to April this year, Bitcoin still rose from a range of $60000 to $65000 to around $75000. A negative funding rate indicates a high short position or may become a driving factor for price increases.