Bitcoin funding rates hit most negative levels since 2023: Glassnode

Bitcoin’s funding rates have reached their most negative levels since 2023, according to Glassnode. This suggests the potential for a local bottom, with the likelihood of Bitcoin dipping to $60,000 in April currently at 100% YES.

The probability of Bitcoin being above $68,000 on April 16 sits at 99.9% YES. Historical patterns show that deeply negative funding rates have often coincided with local bottoms in past market cycles.

All active sub-markets for Bitcoin price predictions in April are near certainty, with a consistent 100% YES across key dates. This includes the market predicting above $68,000 on April 16. These odds suggest traders expect Bitcoin to hold its current level through short-term volatility.

Combined 24-hour trading volume across these markets is $390,585 USDC. Order book depth requires substantial capital to move prices, pointing to institutional participation. The largest price move of the day was negligible, consistent with the overall stability in market sentiment.

This funding rate dip is a potential signal for traders looking for entry points. Buying YES at 99.9¢ could yield a 1.00x return if Bitcoin stays above $68,000. The historical precedent of negative funding rates preceding market bottoms could foreshadow a bullish turnaround.

Watch for developments in US-Iran relations, where an extension of the ceasefire or de-escalation could further stabilize Bitcoin prices. Institutional announcements from BlackRock and Fidelity, as well as any shifts in Federal Reserve policy, are also worth tracking.

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