#Perpetual futures funding rates remain predominantly negative, even as price recovers from the ~$66K lows to retest the $80K region. This sustained period of negative funding indicates that short positioning continues to dominate, with traders willing to pay to maintain downside exposure despite the recent upward move. Historically, such conditions often emerge during phases of skepticism, where rallies are met with fading rather than aggressive long positioning. The persistence of negative funding alongside rising price suggests the market may be climbing a wall of worry, with the potential for further upside should short positions continue to be pressured. #تشفير