自2024年9月以来，Binance Bitcoin资金首次产生了深度负面影响

自2024年9月以来，比特币对二手币的筹资率首次跌入了-0.008％的深度负面领土，这表明市场情绪潜在的拐点。

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月以来，比特币对二手币的筹资率首次下降到负地区，达到-0.008％。通过领先的链上分析平台隐式征象密切观察到的这一发展可能表明市场情绪中的拐点。

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样，交易者现在正在重新调整他们的市场位置，此前一段时期的重点是积极地建立短职位。在比特币期货水平下降中，这种转变很明显。

What Are Funding Rates, and Why Do They Matter?

什么是资金率，为什么重要？

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.

在永久的期货市场中，交易者彼此之间进行了经常付款，称为融资率。正率表明，长期交易者的赌注上涨，是占主导地位的，并且正在为维持自己的职位而支付短裤。相反，负资金率表明短裤正在控制并支付渴望。

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，资金率已深入负面领土的事实，尤其是因为这是他们自2024年9月以来第一次以-0.008％的速度这样做。

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.

根据隐式量的说法，这种下降反映了零售商人的积极短路的增加，这与比特币基本面的潜在实力形成了鲜明对比。

What Could This Signal?

这个信号是什么？

1. Short Squeeze Setup

1。短挤压设置

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.

由于悲观的交易者（被称为“ Defi Bears”）建立了将近10亿美元的永久未来短裤和悲观的交易者，建立了将近10亿美元的永久未来短裤，并设立了近10亿美元的永久性未来，这将在几乎1亿美元的短途短途售价近1亿美元，从而建立了近1亿美元的价格。在永久未来短裤中，将近10亿美元的永久未来短裤设定了将近10亿美元的永久未来短裤建立了近10亿美元的永久未来短裤短裤，在永久性短裤上建立了将近10亿美元的永久性期货短裤，将近近10亿美元的短片付出了近10亿美元的近10亿美元，这将近10亿美元的短片建立了近1亿美元的薪水，这是$ 1亿美元的薪水，这是一项$ 1亿美元的份额，这是一笔薪水的$ 1亿美元。未来短裤设定了将近10亿美元的永久未来短裤，设定了将近10亿美元的永久未来短裤，建立了将近10亿美元的永久未来短裤，设定了将近10亿美元的永久性期货短裤，这是永久性的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1亿美元$ 1永久未来短裤的近10亿美元的永久未来短裤设定了将近10亿美元的永久未来短裤，建立了将近10亿美元的永久未来短裤，这是永久的未来短裤，建立了将近10亿美元的近10亿美元，将近$ 10亿美元的短裤建立了近1亿美元的短裤，建立了几乎1亿美元的短裤，建立了1亿美元的短裤。 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 $1 billion in perpetual futures短裤设定了将近10亿美元的永久未来短裤，这为永久未来的短裤建立了近10亿美元的永久性未来短裤，永久性期货短裤建立了将近10亿美元的永久未来短裤，这是永久性的，建立了将近10亿美元的永久未来短裤，这将近1亿美元建立近1亿美元的短裤，以建立近1亿美元的短裤，以创建近1亿美元的短裤。永久未来短裤的$ 10亿美元的永久未来短裤设定了将近10亿美元的永久未来短裤，建立了将近10亿美元的永久未来短裤，建立了将近10亿美元的永久性未来短裤，这是一个永久性的短裤，建立了近1亿美元的短裤，建立了近1亿美元的价格，建立了近1亿美元的售价。永久期货短裤设置了近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.

诸如-0.008％之类的极端负资金率可以为短暂的挤压创造肥沃的地面。如果比特币甚至略有篮板，它可能会迫使这些交易者迅速关闭其短缺职位，从而推动价格上涨。

2. Potential Market Bottom

2。潜在的市场底部

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所指出的那样，过去类似的设置（就像2024年9月的设置一样）通常标记为本地底部。当悲观主义达到这种极端时，它通常在趋势逆转之前，尤其是在有机构购买的证据时。

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

整个2024年，机构一直在稳步积累比特币，这在交易所的供应量下降中很明显。

What Are Whales Signaling?

什么是鲸鱼信号？

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的鲸鱼筛选器显示，5月1日和5月2日从交易所撤回了超过3亿美元的BTC。这些大的外流表明鲸鱼积累，与零售驱动的派出在衍生品市场中的抗议形成鲜明对比。

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.

零售短路和鲸鱼堆积之间的差异绘制了一个复杂的图片，但是如果历史记录是任何指导，当前条件可能会为另一种看涨行动设置。