BITCOIN FUTURES NEGATIVE FUNDING RATES HIT 67 CONSECUTIVE DAYS SETTING 10-YEAR RECORD Bitcoin’s 30-day average futures funding rates have remained negative for 67 consecutive days as of May 8, the longest streak in a decade, per K33 Research. The current run surpasses the prior record of 62 consecutive days set between March 15 and May 16, 2020. Funding rates are periodic payments between traders holding long and short perpetual futures positions, with negative rates meaning shorts pay longs to keep positions open. The 67-day streak began around March 2 and has persisted through a period in which Bitcoin has grinded from the low $60,000s to above $80,000, a divergence that K33 identifies as unusually bearish positioning during an uptrend. K33 data shows that buying Bitcoin during prior negative 30-day funding rate regimes produced a win rate of 83% to 96% across 30-day to 360-day holding periods, compared to a 55% to 70% win rate for random entry. Median and average returns in negative funding environments outperformed random buying by 1.84x to 6.27x across those time horizons, per K33. K33 flags $83,200 as the key threshold to watch, which corresponds to Bitcoin’s 200-day moving average. A sustained break above that level could force shorts to close positions and accelerate a rally. CME open interest has risen since April contract expiry and the futures basis has gradually widened, but participation remains well below levels seen in 2024 and 2025, per K33. Spot trading volumes are near yearly lows, per The Block.