Bitcoin funding rates turn positive again, with traders beginning to pay premiums to maintain long positions. But don’t rush to call a bull comeback—over the past 24 hours, the entire network experienced $278 million in liquidations, with both longs and shorts liquidated.

Data from Glassnode shows that market sentiment has reversed significantly compared to April, but the options market response is lagging, with implied volatility not rising in sync.
What does this mean? The current rebound is more driven by leverage rather than spot demand. If BTC breaks above $80,000, shorts may be squeezed out; if it drops below $76,000, longs could face $634 million in liquidations. The market is in a fragile balance, and any breakout in either direction could trigger a chain reaction.
For traders, a positive funding rate is not a one-way bullish signal. Against the backdrop of weak spot demand and continuous ETF outflows, leverage-driven rebounds are often unsustainable. Be cautious of a replay of the double liquidations scenario.
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