Citing Glassnode data, Coindesk reported that The BTC perpetual futures funding rate has recorded its first negative value this year, in what could be interpreted as a sign that the bottom may be in for BTC. The funding rate, which represents the cost of holding a long or short position on a futures contract, has been positive for most of this year as traders have bet on BTC's continued rise. However, the recent dip into negative territory suggests that sentiment may be shifting. BTC continues to consolidate in the $90,000-$100,000 range, and when the funding rate goes negative, it can often lead to a bounce in price as traders who were short get liquidated and their leverage is closed out.

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