Huo Xing Finance reports, according to research firm K33, Bitcoin’s 30-day funding rate has been negative for 46 consecutive days, matching the duration seen at the bottom of the 2022 bear market. Historically, only two longer periods of negative funding rates have occurred: from March to May 2020 (63 days) and from June to August 2021 (49 days). K33 Research Director Vetle Lunde noted that the current negative funding rate, combined with rising open interest and rising prices, indicates unusually aggressive short sentiment, increasing the likelihood of a short squeeze and potentially enabling Bitcoin to break out of its 68-day consolidation range. Bitcoin has since rebounded 23% from its February 6 low of approximately $60,000, but remains down about 41% from its all-time high of approximately $126,000 in October 2025.
K33: Bitcoin Funding Rate Negative for 46 Consecutive Days, Probability of Short Squeeze Rises
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Summary
Bitcoin funding rates have remained negative for 46 consecutive days, according to K33, matching the low seen during the 2022 bear market. Only the periods from March to May 2020 (63 days) and June to August 2021 (49 days) experienced longer stretches of negative funding rates. K33’s Vetle Lunde noted that the combination of negative funding rates, rising open interest, and price gains suggests aggressive short positioning, increasing the likelihood of a short squeeze. Bitcoin is up 23% from its $60,000 low on February 6 but remains down 41% from its October 2021 peak of $126,000.
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