K33: Bitcoin funding rate has been negative for 46 consecutive days, increasing the likelihood of a short squeeze.

According to a report by research firm K33, Bitcoin’s 30-day average funding rate has remained negative for 46 consecutive days—matching the duration observed at the bottom of the 2022 bear market. Historically, only two longer periods of negative funding rates have occurred: from March to May 2020 (63 days) and from June to August 2021 (49 days). Vetle Lunde, Head of Research at K33, noted that the current negative funding rate—combined with rising open interest and price appreciation—signals unusually aggressive short positioning, increasing the likelihood of a short squeeze and potentially enabling Bitcoin to break out of its 68-day consolidation range. Bitcoin has rebounded approximately 23% from its February 6 low of around $60,000, yet remains roughly 41% below its all-time high of approximately $126,000 reached in October 2025.