Bitcoin price breaks through $75,000 but still shows negative funding rates: what signals is the market hiding? Why does Bitcoin funding rate remain negative? Despite Bitcoin (BTC) price rising steadily past $75,000, the futures funding rate remains persistently negative, indicating a complex relationship with market sentiment. Usually, a negative funding rate reflects a lack of leveraged long positions rather than strong bullish sentiment. This may hide losses from a bear market and forced liquidations, rather than a simple bearish market signal. In other words, although Bitcoin's price is rising, the inflow structure remains bearish, and this sustained negative funding rate suggests that bears still dominate the market. What drives this phenomenon behind the futures market? Liquidation of leveraged shorts: After the US stock market opened, Bitcoin experienced a sell-off that pushed the price back below $75,000, resulting in $120 million in leveraged long positions being liquidated. This unexpected volatility shifted pressure from short positions to long positions, further lowering the market's funding rate. Market implications of negative funding rates: Negative funding rates mean shorts must pay to maintain their positions. This usually indicates a lack of strong bullish sentiment or leveraged long demand in the market. When market funding rates fall below 5%-10%, it suggests that market participants have low risk tolerance, while figures around 20% may indicate market uncertainty and volatility.