Bitcoin funding rates have dropped to -6%, the most negative level in three months, indicating that traders are aggressively shorting the cryptocurrency. Historically, negative funding rates occur when shorts pay longs, which is often a sign of bearish sentiment in the market. Notably, the last time rates hit this low was on February 6, when Bitcoin approached a price of $60,000, and such deeply negative funding rates have frequently indicated potential price reversals and local bottoms in the spot market.
Bitcoin funding rates drop to -6%, signaling short bias
