K33 Research: Market pessimism is strong, Bitcoin perpetual contract funding rate has been below neutral for 30 days

Vetle Lunde, an analyst at K33 Research, released a report pointing out that the Bitcoin perpetual contract market shows obvious pessimism, and the funding rate has been below the neutral level for more than 30 consecutive days, setting the longest cycle since May 2024. This situation is similar to the period when Bitcoin prices fell sharply in November 2022. Vetle Lunde said that the current four-week average funding rate has dropped to a negative value for the first time since December 25, 2022, reflecting strong short-selling sentiment. However, he also pointed out that this concentrated hedging or direct short-selling bets may indicate that the seller's power is about to run out. From the seasonal trend, Lunde believes that September may provide an opportunity to "buy on dips" to prepare for a possible rebound in the fourth quarter. He emphasized that "buying lows in September to accumulate positions for the fourth quarter has historically been the best spot strategy." (TheBlock)