According to ChainCatcher, Vetle Lunde, an analyst at K33 Research, said that the funding rate of Bitcoin perpetual futures has been below neutral for more than 30 consecutive days, and the average four-week funding rate is currently at a negative level for the first time since December 25, 2022. When the Bitcoin perpetual futures funding rate is negative, it means that traders are mostly betting on a fall in asset prices. However, hedging or direct short positions are becoming more and more crowded, which is also a clear indicator that sellers are approaching exhaustion.

Analysts point out that if the market follows seasonal trends, September will be a good opportunity to buy on dips, and then there may be a recovery in the fourth quarter of this year. Historically, buying on dips in September does yield good returns at the end of the year.