K33 indicates that the 30-day average funding rate for Bitcoin has been negative for 46 consecutive days, comparable to the duration of the bear market bottom in 2022. Amid increasing open interest and rising prices, the pressure on short positions is growing, increasing the likelihood of short squeeze and price breakout; K33 research director Vetle Lunde states that the current combination of sustained negative funding rates, rising open interest, and increasing prices typically appears at consolidation bottoms, and Bitcoin is expected to break out of the 68-day consolidation range and reach higher levels. (The Block)