By Jack • April 16, 2026 10:42 pm •
Something unusual is happening in the Bitcoin derivatives market right now, and traders who have been around a few cycles are starting to notice.
Even with Bitcoin holding comfortably above $74,000, the crowd is still paying to be short.
That is not normal. And according to one of crypto’s most-watched on-chain data firms, it is the kind of setup that has historically marked the floor, not the ceiling.
Glassnode says Bitcoin’s perpetual futures funding rates have fallen to their most negative levels since 2023, when Bitcoin was grinding along below $20,000 in the aftermath of the Silicon Valley Bank crisis. The seven-day moving average has dropped to roughly -0.005%, meaning short traders are paying long traders
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