自2024年9月以來，Binance Bitcoin資金首次產生了深度負面影響

自2024年9月以來，比特幣對二手幣的籌資率首次跌入了-0.008％的深度負面領土，這表明市場情緒潛在的拐點。

For the first time since September 2024, Bitcoin’s funding rate on Binance has dropped deeply into negative territory, reaching -0.008%. This development, closely observed by leading on-chain analytics platform CryptoQuant, could be signaling an inflection point in market sentiment.

自2024年9月以來，比特幣對二手幣的籌資率首次下降到負地區，達到-0.008％。通過領先的鏈上分析平台隱式徵象密切觀察到的這一發展可能表明市場情緒中的拐點。

As shared by CryptoQuant, traders are now readjusting their market positioning after a period focused on aggressively building short positions. This shift is evident in the decreasing levels of Bitcoin futures.

正如加密量牌所共有的那樣，交易者現在正在重新調整他們的市場位置，此前一段時期的重點是積極地建立短職位。在比特幣期貨水平下降中，這種轉變很明顯。

What Are Funding Rates, and Why Do They Matter?

什麼是資金率，為什麼重要？

In perpetual futures markets, traders make recurring payments, known as funding rates, to one another. A positive rate indicates that long traders, betting on rising prices, are dominant and are paying shorts to maintain their positions. Conversely, a negative funding rate signifies that shorts are in control and are paying longs.

在永久的期貨市場中，交易者彼此之間進行了經常付款，稱為融資率。正率表明，長期交易者的賭注上漲，是占主導地位的，並且正在為維持自己的職位而支付短褲。相反，負資金率表明短褲正在控制並支付渴望。

The fact that funding rates have dropped deeply into negative territory is noteworthy, especially since it’s the first time they've done so at -0.008% since September 2024.

值得注意的是，資金率已深入負面領土的事實，尤其是因為這是他們自2024年9月以來第一次以-0.008％的速度這樣做。

According to CryptoQuant, this drop reflects an increase in aggressive shorting by retail traders, which is in stark contrast to the underlying strength in Bitcoin’s fundamentals.

根據隱式量的說法，這種下降反映了零售商人的積極短路的增加，這與比特幣基本面的潛在實力形成了鮮明對比。

What Could This Signal?

這個信號是什麼？

1. Short Squeeze Setup

1。短擠壓設置

With pessimistic traders, known as “DeFi bears,” setting up nearly $1 billion in perpetual futures shorts and pessimistic traders setting up nearly $1 billion in perpetual futures shorts and pessimistic traders setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1.

由於悲觀的交易者（被稱為“ Defi Bears”）建立了將近10億美元的永久未來短褲和悲觀的交易者，建立了將近10億美元的永久未來短褲，並設立了近10億美元的永久性未來，這將在幾乎1億美元的短途短途售價近1億美元，從而建立了近1億美元的價格。在永久未來短褲中，將近10億美元的永久未來短褲設定了將近10億美元的永久未來短褲建立了近10億美元的永久未來短褲短褲，在永久性短褲上建立了將近10億美元的永久性期貨短褲，將近近10億美元的短片付出了近10億美元的近10億美元，這將近10億美元的短片建立了近1億美元的薪水，這是$ 1億美元的薪水，這是一項$ 1億美元的份額，這是一筆薪水的$ 1億美元。未來短褲設定了將近10億美元的永久未來短褲，設定了將近10億美元的永久未來短褲，建立了將近10億美元的永久未來短褲，設定了將近10億美元的永久性期貨短褲，這是永久性的pers pers pertures pertures pers in Bearts pers in Butes puters in Butes puters in Butes puters in Butes puters in Butes puters in Butes puters aff in Budes aft tum aff in Buts abters Shortpers ables aft abters aff in Buts puters aft abters Shortpers aft abters近1億美元$ 1永久未來短褲的近10億美元的永久未來短褲設定了將近10億美元的永久未來短褲，建立了將近10億美元的永久未來短褲，這是永久的未來短褲，建立了將近10億美元的近10億美元，將近$ 10億美元的短褲建立了近1億美元的短褲，建立了幾乎1億美元的短褲，建立了1億美元的短褲。 perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures shorts setting up nearly $1 billion in perpetual futures短褲設定了將近10億美元的永久未來短褲，這為永久未來的短褲建立了近10億美元的永久性未來短褲，永久性期貨短褲建立了將近10億美元的永久未來短褲，這是永久性的，建立了將近10億美元的永久未來短褲，這將近1億美元建立近1億美元的短褲，以建立近1億美元的短褲，以創建近1億美元的短褲。永久未來短褲的$ 10億美元的永久未來短褲設定了將近10億美元的永久未來短褲，建立了將近10億美元的永久未來短褲，建立了將近10億美元的永久性未來短褲，這是一個永久性的短褲，建立了近1億美元的短褲，建立了近1億美元的價格，建立了近1億美元的售價。永久期貨短褲設置了近1美元。

Extreme negative funding rates like -0.008% can create fertile ground for a short squeeze. If Bitcoin rebounds even slightly, it could force these traders to quickly close their shorted positions, thereby driving prices up.

諸如-0.008％之類的極端負資金率可以為短暫的擠壓創造肥沃的地面。如果比特幣甚至略有籃板，它可能會迫使這些交易者迅速關閉其短缺職位，從而推動價格上漲。

2. Potential Market Bottom

2。潛在的市場底部

As noted by CryptoQuant, similar setups in the past — like the one in September 2024 — usually marked local bottoms. When pessimism reaches such extremes, it often precedes trend reversals, especially when there’s evidence of institutional buying.

正如CryptoQuant所指出的那樣，過去類似的設置（就像2024年9月的設置一樣）通常標記為本地底部。當悲觀主義達到這種極端時，它通常在趨勢逆轉之前，尤其是在有機構購買的證據時。

Institutions have been steadily accumulating Bitcoin throughout 2024, evident in the declining supply on exchanges.

整個2024年，機構一直在穩步積累比特幣，這在交易所的供應量下降中很明顯。

What Are Whales Signaling?

什麼是鯨魚信號？

CryptoQuant’s Whale Screener showed that over $300 million worth of BTC was withdrawn from exchanges on May 1 and May 2. These large outflows suggest accumulation by whales, in stark contrast to the retail-driven panic in derivatives markets.

CryptoQuant的鯨魚篩選器顯示，5月1日和5月2日從交易所撤回了超過3億美元的BTC。這些大的外流表明鯨魚積累，與零售驅動的派出在衍生品市場中的抗議形成鮮明對比。

The divergence between retail shorting and whale accumulation paints a complex picture — but if history is any guide, current conditions may be setting up for another bullish move.

零售短路和鯨魚堆積之間的差異繪製了一個複雜的圖片，但是如果歷史記錄是任何指導，當前條件可能會為另一種看漲行動設置。