Bitcoin Marks 9th Consecutive Month Of Sluggish Funding Rates

Bitcoin funding rates for the past two months have entered one of their worst streaks yet. During this time, there have been no positive funding rates, and the best that the market has seen has been funding rates at a neutral level. However, even now, reaching neutral levels have proved incredibly hard for funding rates, taking a deeper dive with each passing week. Funding Rates Remain Below Neutral The last time bitcoin funding rates had been in the neutral territory had been at the beginning of August. Since then, funding rates have consistently returned below neutral, with some short-term lows being recorded along the way. Funding rates on crypto exchange Binance have actually dropped to 2-month lows at this point. Additionally, the crypto exchange has now hit nine months of funding rates at or below neutral levels. Related Reading: Bearish Indicator: Bitcoin Short Exposure Surge To New All-Time High This puts the perpetual swaps at a continuously lower rate compared to spot market prices. Bitcoin traders have since been reducing their risk exposure to the digital asset, and this has come as a culmination of such wariness. Funding rates remain below neutral | Source: Arcane Research It is the most bearish that the market has been since the bull market was triggered in 2020. This even comes despite the fact that bitcoin open interest has been seeing higher levels. On Tuesday, the bitcoin funding rates sat at around 0.00...