Bitcoin Funding Rates Rise, But Remain Below Bullish Threshold

Glassnode reports a recent increase in Bitcoin Funding Rates across exchanges, suggesting a rise in bullish sentiment as investors set new long positions. However, the rates remain below the decisive threshold of 0.001%, indicating supportive yet inconclusive market conditions.

Key Highlights:

The 7-day moving average of Bitcoin Funding Rates has increased, reflecting investor optimism.
The mean Funding Rate, after reaching 0% last November, has recovered to 0.005% but recently fell back to 0.003%.
Past significant rallies often correlated with positive Funding Rates above 0.001%.
Bitcoin's price surged to $94,700 before dropping to $92,100.
A volatile day led to liquidations totaling over $500 million, including $146 million in Bitcoin-related positions.