Data underscores that It’s not that easy to win over a crypto trader’s heart.
The declining futures premium indicates uncertainty about bitcoin following a 35% correction in May and another 12% drop already this month.
Bitcoin's funding rate turned negative over the weekend, which typically precedes price recoveries.
The recent rise appears to show traders finding a renewed appetite for risk taking following a market shakeout over the past of couple weeks.
Futures funding stayed flat or turned negative despite bitcoin's rally to $12,000.