K33 Analysis: Bitcoin's Negative Funding Rate Continues, Resembling Past Bottom Periods, Probability of Breakout Increases
Foresight News reports, according to The Block, that K33 Head of Research Vetle Lunde pointed out in a new report that Bitcoin derivatives' 30-day average funding rate has been negative for 46 consecutive days, which matches the duration of negative funding rates seen near the bear market bottom at the end of 2022. With the recent tightening of funding rates and the unusually persistent negative rate environment, he believes the likelihood of Bitcoin reaching new highs and breaking out of the 68-day consolidation is increasing.
Lunde noted that periods when notional open interest shows an upward trend, Bitcoin prices rise, and the daily, seven-day, and 30-day average funding rates remain negative often occur near the bottom of consolidation phases.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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