Short-term fluctuations may still occur, but this funding structure is usually not far from the bottom.

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CryptoManMab
$BTC funding rates have hit their most negative levels since 2023, per Glassnode.
{future}(BTCUSDT)
Historically, deeply negative funding rates have coincided with local bottoms, including March 2020, mid-2021 and the FTX collapse in 2022.
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