$BTC perpetual funding rates have remained negative for 46 consecutive days, a rare occurrence last seen during the FTX collapse bottom in late 2022.
This environment indicates that short sellers are paying a premium to maintain bearish positions, while spot market buying pressure continues to absorb supply. Institutional accumulation remains strong: Strategy purchased approximately $1 billion last week, and BlackRock added $935 million in Q1 alone.
The structural setup mirrors the 2022 capitulation phase, but with significantly more mature infrastructure and institutional participation this cycle.
(Chart via K33 Research)