Summary
- Bitcoin (BTC) funding rates have turned negative, suggesting a potential bottom formation, according to reports.
- BTC perpetual futures funding rates recently fell to annual -2%, which has often been observed alongside bottom formations, the report stated.
- BTC is trading at $79,551.85 on Binance's Tether market, down 4.17% from the previous day, according to the report.
According to CoinDesk, a cryptocurrency specialized media, on the 10th (local time), Bitcoin (BTC) funding rates have turned negative, suggesting that BTC may have formed a potential bottom.
The media explained, "Over the past two weeks, BTC perpetual futures funding rates have fluctuated between positive and negative, recently falling to -2% annually," adding, "Historically, persistent negative funding rates have often coincided with Bitcoin forming bottoms."
Meanwhile, BTC is trading at $79,551.85 on Binance's Tether (USDT) market as of 01:33 on the 11th, down 4.17% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
