Analyste : BTCtaux de funding brièvement passé en territoire négatif, généralement un signal de "creux local"

BlockBeats News, on January 10th, CoinDesk analyst James Van Straten stated that when BTC approaches $100,000, the market sentiment tends to be bullish, and investors try to continue to push the bull run. However, the opposite can also happen, such as on Thursday when BTC approached $90,000, investors turned bearish. The trend of BTC often moves towards the area of maximum pain, and currently, this area of pain is the oscillation period between these two valuation ranges. BTC derivatives play an important role in these price fluctuations; derivatives such as futures and options, although they account for only a few percentage points of the total market cap, are becoming increasingly influential in the market. One indicator that traders closely follow is the perpetual funding rate of futures. This is the average funding rate (expressed as a percentage) set by the exchange for perpetual futures contracts. When the rate is positive, long positions regularly pay fees to short positions; conversely, when the rate is negative, short positions regularly pay fees to long positions. During a bull run, BTC often has a positive funding rate because traders believe that prices will continue to pump, but when the market becomes overheated, it usually loses momentum and prices start to fall, leading to a wave of liquidations. However, the same is true during a bear market because the price bottom gradually forms over time, and prices can rebound quickly, causing traders to rush to close positions. At these moments, local bottoms are formed. According to yesterday’s data, the funding rate briefly turned negative at -0.001%, which is the first occurrence this year and has only happened a few times since November 2024. This led to leveraged liquidations and a shift in market sentiment, followed by BTC price rising above $94,000 again. A negative funding rate does not always immediately lead to price rebound or bottom formation, but it can be observed together with other price chart tools and technical indicators to form a market view. A negative funding rate may also indicate the continuation of a bear market rather than an immediate bottom. Similarly, a positive funding rate during a bull run may not necessarily mean an overheated market, but rather reflects sustained strong demand.