BTC Funding rate just spiked back into negative territory, causing this short term dump. However, that move was then quickly retraced due to spot demand stepping back in. This is a behavior we’ve been seeing repeatedly lately. Perps pushing price lower, while spot demand continues to absorb and push it back up. If this behavior continues, it creates the conditions for further upside, as sellers fail to gain control and get absorbed on every move lower.(Max Trades)