Does Bitcoin’s negative funding rate signal that bears are in total control?
Bitcoin’s perpetual funding rate shows lack of confidence from bulls, but options markets are displaying resilience.
Bitcoin (BTC) price experienced a 2.2% correction on Sept. 11 following the release of US consumer inflation data, but it managed to reclaim the $56,500 level within a few hours. The movement closely tracked the S&P 500 index, which saw a 1.6% decline on Sept. 11 as US Consumer Price Index growth hit its lowest level in over three years.
Bitcoin traders are skeptical that the $58,000 resistance will be breached, given the increased demand for bearish positions using BTC futures contracts.
Bitcoin/USD (blue) vs. S&P 500 futures (magenta). Source: TradingView
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Author: Marcel Pechman
