On-chain data suggests that the bullish enthusiasm among bitcoin investors has been slashed, alongside its price. Even while the price has stabilized itself within the $30-35k range for weeks now, funding rates have been consistently negative for that entire time, indicating that investors don’t expect the price to return to its former highs anytime in the next short-term, at least judging by this metric.
What are Funding Rates in the Bitcoin and Crypto Perpetuals?
Due to the fact that perpetual futures has no expiration date and are trading 24/7, there could be a diversion between the perpetual contract price and the asset’s spot price.
To synchronize between the two, exchanges are charging funding rates in a zero-sum game: when the funding rates are positive, long positions will pay shorts the funding amount. In case of negative funding rates – shorts pay longs.
Bitcoin Futures Perpetual Funding Rate
Live data from glassnode shows lasting negative funding rates for Bitcoin’s

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Źródło: https://cryptopotato.com/bitcoin-futures-funding-rates-are-negative-after-mays-crash-the-longest-period-since-march-2020/