Opinion: Bitcoin funding rate turns negative, usually marks a local bottom

Bitcoin continues to consolidate between $90,000 and $100,000, and Glassnode data shows that Bitcoin funding rates have turned negative for the first time in 2025, which typically marks a local bottom in prices. One indicator that traders closely watch is the futures perpetual funding rate. This is defined as the average funding rate (in %) set by exchanges for perpetual futures contracts. When the rate is positive, long positions pay short positions regularly. Conversely, when the rate is negative, short positions pay long positions regularly. (Coindesk)