Funding rates turn fully negative, Bitcoin approaches $61k — this is not an ordinary correction.

According to Coinglass data, the funding rates on major CEX and DEX platforms have fallen below 0.005%, and the market has returned to a significantly bearish stance.
The last time such a structure appeared was in July 2024. At that time, Bitcoin dropped from $65k to $54k, taking three weeks.
But this time, it’s more complicated.
Zcash vulnerability triggered a trust crisis in privacy coins, the AI sector continued to drain liquidity, and after 13 consecutive days of outflows totaling $4.4 billion from ETFs, there was a slight rebound, but structural issues remain unresolved.
Grayscale openly stated that Bitcoin needs “other buyers” to find a sustainable bottom — implying that institutions like Strategy have reached their capacity to increase holdings.
What’s more concerning is that loss-making positions have surpassed profit-making ones, signaling a repeat of the historical bottom.
However, CryptoQuant analysts pointed out that if the price falls below $54k (the network-wide average realized price), the market could enter a full capitulation phase.
Funding rate turning negative is not the end, but the beginning of a market re-pricing of leverage structures.
When longs are no longer willing to pay for their positions, the real bottom often requires a deeper washout.
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