Tỷ lệ cấp vốn bitcoin đạt mức thấp nhất năm 2023, các chuyên gia phân tích cho thấy dấu hiệu đáy tiềm năng

The Huoxing Finance report states that on April 16, CoinDesk analyst James Van Straten published an article noting that Bitcoin's funding rate has fallen to its most negative level since 2023, and historical patterns suggest such signals often coincide with market bottoms. According to Glassnode data, the seven-day moving average of the funding rate has dropped to approximately -0.005%. The funding rate is a periodic fee paid between long and short positions in perpetual contracts to align contract prices with the spot market. When the rate is positive, longs pay shorts, reflecting bullish sentiment; when negative, shorts pay longs, indicating bearish bias. Despite the funding rate remaining negative throughout March and April this year, Bitcoin rose from the $60,000–$65,000 range to around $75,000. Historically, deeply negative funding rates have frequently aligned with Bitcoin’s阶段性 bottoms: during the market crash triggered by the COVID-19 pandemic in March 2020, Bitcoin fell to around $3,000; during China’s mining ban in 2021, it dropped to $30,000; during the FTX collapse in November 2022, it touched a low of approximately $15,000; and during the Silicon Valley Bank crisis in 2023, it briefly dipped below $20,000. Similarly, negative funding rates coincided with阶段性 lows during the unwinding of yen carry trades in August 2024 and the “Liberation Day” sell-off in April 2025. The sustained negative funding rate indicates that even as prices rise, short positions remain elevated. This divergence may suggest the market is climbing a “wall of worry,” with a large volume of short positions potentially serving as fuel for further price increases.