EVERYONE’S SHORT. THAT’S WHEN BASES FORM.
Funding just printed around -0.006. Shorts are paying longs while Bitcoin sits near $68K.
That tells you positioning is heavily skewed bearish in perpetual futures.
When funding stays negative for days, it means traders are paying a premium to bet on downside. That’s conviction, but it’s also crowded, and crowded trades don’t unwind politely.
We just flushed toward $60K and bounced. Funding stayed negative through it. Derivatives desks still aren’t convinced. Historically, extended negative funding during consolidation often shows up in bottoming phases -- not because price can’t go lower, but because sellers are already leaning hard.
Zoom out. Macro isn’t screaming recession. Liquidity hasn’t collapsed. Meanwhile, price is well off the highs and positioning is defensive.
That’s the kind of setup where upside moves hurt the most.
Does this guarantee an immediate reversal? No. Bases are processes. We could chop. We could even wick lower. But when shorts are paying to stay short and price stops accelerating down, you pay attention.
Liquidity turns -> crowded trades unwind -> $BTC BTC reprices fast.
This is where patience beats panic. ⏳️
📸 RugaResearch
