🔴 ETH Funding Rates Sink to FTX-Era Extremes
Crypto markets extended losses as rising US–Iran tensions sparked broad risk-off selling. In just one session, total market cap fell nearly $300B, with ~$470B wiped out over three days.
This sharp drop triggered heavy derivatives liquidations: ❌ $2.5B+ liquidated, including $1.1B in ETH.
The forced selling pushed ETH perpetuals far below spot, creating a major imbalance. To correct this, funding rates flipped sharply negative.
💥 Binance ETH funding hit -0.028%, an extreme level last seen during the FTX collapse.
Across exchanges, aggregated funding fell to -0.078.
👉 Deeply negative funding and mass liquidations signal extreme pessimism, but not a confirmed bottom. With geopolitical risks and tight liquidity still in play, this looks like a market cleansing phase, not recovery—caution remains key.
