10x Research: Funding rates have turned negative for the first time since mid-October last year, and the spot market will determine the trend of this round of rebound

According to BlockBeats, on April 23, 10x Research published an analysis article pointing out that the critical moment is coming. The price of Bitcoin rebounded from $60,000 to $67,500 in four days, almost reaching the bottom line set previously. However, this rebound occurred in four 1-hour time periods and seemed to be driven by several larger orders rather than gradual buying in four days. As cryptocurrency futures traders have turned cautious, the real test is whether the spot market can drive this rebound higher. Although the funding rate has risen in the past few weeks, indicating that futures traders are willing to deploy excessive leverage, the funding rate has turned negative for the first time since mid-October 2023.