Analyst: Bitcoin Enters Disbelief Phase, Funding Rates Remain Negative

According to a report by Jinse Finance, on April 23, CryptoQuant analyst Darkfost posted on the X platform stating that Bitcoin has entered the "Disbelief" phase, while funding rates continue to remain bearish. Recently, discussions about funding rates have been frequent, as funding rates have stayed negative despite Bitcoin's continuous price increase. This chart provides an analysis from a perspective different from conventional observations. It shows the cumulative changes in funding rates on Binance over the past 30 days, making it easier to clearly identify when funding rates enter a sustained negative trend. For comparison, when BTC began to emerge from the bear market at the end of 2022, funding rates on Binance consistently declined, reaching a 30-day cumulative low of -7%. Currently, this indicator stands at -4.5%, highlighting the extent to which traders have been consistently betting on market declines in recent months. Whenever the market forms such a strong consensus expectation, it often leads to the formation of a bottom and drives the subsequent upward trend. As I mentioned a few days ago, the market has already entered a "Disbelief" phase, where traders still tend to fight against the trend rather than follow it.