BTC perpetual futures funding rate hits lowest since 2023

The Bitcoin (BTC) perpetual futures funding rate has fallen to its lowest level since 2023, Glassnode reported. The analytics firm noted that a low funding rate indicates many traders anticipate a price drop. However, during March and April, the funding rate remained consistently negative while the price of BTC gradually rose from the low $60,000s to around $75,000. Glassnode's analysis also pointed out that historically, periods when the funding rate turned negative have often coincided with local market bottoms, such as in March 2020, mid-2021, and during the FTX collapse in 2022.