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Bitcoin’s recent price decline has prompted traders to position for further downside, with on-chain data indicating a notable rise in bearish positioning across major crypto exchanges. According to Santiment, aggregated funding rates have fallen into deep negative territory, a level that has historically coincided with major turning points.
Santiment’s “Funding Rates Aggregated By Exchange” metric combines funding data from multiple major exchanges to gauge derivatives sentiment and positioning pressure across the broader market.
Funding rates reflect periodic payments in perpetual futures markets used to keep contract prices aligned with spot prices. When funding rates are negative, short sellers pay long traders; when positive, longs pay shorts. Santiment’s latest chart shows funding rates in negative territory, with red bars dominating the lower portion of the chart.
Funding rates are now below -0.01%, indicating that a significant portion of derivatives traders are positioned for downside. Santiment notes that funding rates reach similarly extreme negative levels only rarely, with the last comparable instance occurring in August 2024.
In August 2024, traders aggressively shorted Bitcoin following a notable price crash. Instead of continuing lower, Bitcoin reversed sharply. Short liquidations helped contribute to an approximately 83% rally over the following four months as positions were forced to close.
A similar positioning shift followed Binance’s major liquidation event on October 10, 2025, when billions of dollars in long positions were wiped out. After the event, traders turned sharply bearish and crowded into short positions.
Deep negative funding typically reflects fear-based positioning. In such conditions, a short squeeze can develop if Bitcoin’s price rises even modestly.
If the price moves higher unexpectedly, leveraged shorts can accumulate losses quickly. Once losses reach liquidation thresholds, exchanges automatically close positions. That process can force traders to buy back Bitcoin, adding upward pressure on the price.
At the time of writing, Bitcoin is trading at $68,740, while the short-term cost basis is around $90,900. A strong push and close above $75,000 could strengthen bullish momentum and potentially draw in fresh inflows, increasing the likelihood of a short squeeze. The article also notes that heavy shorting can create a fragile environment where positioning pressure can shift rapidly into upside volatility.
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