analyst: As the bitcoin price rises, futures may look bearish, but they're not, analyst says

Research firm 10x says the negative funding rates reflect structural hedging by institutions, not a broad bearish play. What to know : BTC perpetual futures continue to see negative funding rates despite the token's 14% climb this month, its strongest monthly gain since April 2025. Research firm 10x says the negative funding rates reflect structural hedging by institutions, not a broad bearish shift, with hedge funds shorting futures to manage other bets.