Bitcoin’s price action currently presents an intriguing divergence, holding steady around the $90k level despite Bybit exhibiting distinctive negative funding rates that imply a temporary but aggressive skew toward short-selling (image 1). This derivative pressure appears to coincide with weakness in the spot market, evidenced by a sustained negative Coinbase Premium that suggests persistent spot selling pressure (image 2). Consequently, the market's immediate trajectory will likely be determined by whether broader futures activity across other major exchanges aligns with this specific bearish flow or absorbs it, setting the stage for the next volatility expansion.
Written by nino