We’ve been hearing a lot about funding rates lately, as they remain negative even while Bitcoin continues to move higher.

This chart offers a different perspective from what is usually observed.

It shows the 30 day cumulative evolution of funding rates on Binance, making it easier to clearly identify when funding entered a sustained negative trend.

For comparison, when BTC began emerging from the bear market in late 2022, funding rates on Binance kept falling and reached as low as -7% on a 30 day sum basis.

Today, the indicator stands at -4.5%, highlighting the extent to which traders have continued betting against the market in recent months.

Each time such a strong consensus has formed, it has instead helped create a bottom and fueled the rally that was beginning to develop.

This context therefore indicates that the market has entered a phase of disbelief, where traders still prefer fighting the trend rather than following it.

Written by Darkfost