The chart also shows several large funding spikes across the full timeline. Some of the largest green bars appear during earlier bullish phases, especially around the 2024 rally. Those green spikes show periods when long demand increased sharply. At those points, traders paid higher funding costs to maintain bullish positions.
The chart also shows deep red funding events in earlier years. Some of the largest negative bars appear during 2022 and early 2023, when at much lower price levels. Those earlier red bars came during periods of market stress. Bitcoin’s price line also traded near cycle lows during part of that stretch.
By comparison, the latest negative funding cluster appears while Bitcoin trades far above the 2022 lows. This makes the current setup different from earlier deep bearish phases.
The most recent section shows short-side pressure, but the price remains near $76.9K. That keeps the focus on whether futures traders continue to lean defensive while Bitcoin holds its recovery. The chart’s source label identifies CryptoQuant as the provider. It presents the data as “Bitcoin: Funding Rates – All Exchanges,” with prices shown in white and funding rates shown in green and red.