Funding rates flip marginally positive after cascade of negative funding

What's new?

Funding rates flipped positive intra-day on 6 May.

Why is this relevant?

A sustained negative funding regime is, historically, a bearish signal seen during bear markets.

What does the data tell us?

On-chain data shows small bouts of positive funding that quickly reverses. This shows bears are clearly in control at the moment.
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We conclude futures traders continue to position themselves to benefit from lower prices in Bitcoin. On a historical basis, funding remains in a healthy range and should not be considered elevated.

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