Bitcoin Funding Stays Negative for 47 Days as Market Pressure Builds

• Bitcoin logs 47-day negative funding streak, longest since FTX collapse.
• Rising open interest shows traders are adding positions, even as funding costs remain elevated. 
• Large traders build long positions while short sellers hold profits, signaling a market standoff.

The Bitcoin derivatives market is flashing a rare signal. For 47 consecutive days through April 26, perpetual futures funding rates have stayed negative. Remarkably, this is the longest bearish streak since the fallout from the FTX collapse.

At the same time, open interest has continued to rise. This combination suggests that traders are not just holding short positions but actively adding to them, even as the cost of maintaining those positions continues to rise.

Crowded Short Meets Whale Conviction

Negative funding rates mean short sellers are paying long traders at regular intervals, typically…

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