Bitcoin Weakness Deepens as Funding Rates Turn More Bearish Across Exchanges

Funding rates across mainstream centralized exchanges (CEXs) and decentralized exchanges (DEXs) show bearish sentiment strengthening as Bitcoin (BTC) weakened again on Sept. 28.

Bitcoin broke above $80,000 on Sept. 20 and then traded sideways before market sentiment turned more bearish on Sept. 27. The shift intensified the following day across both centralized and decentralized trading venues.

Funding rates are payments exchanged between long and short traders in perpetual futures markets. They help keep contract prices aligned with the underlying asset, while funding rates reflect periodic payments between traders holding opposing positions.

A funding rate of 0.01% is considered the baseline. Rates above 0.01% generally indicate bullish sentiment, while rates below 0.005% indicate that bearish positioning is dominant.

The latest move represents a reversal over eight days, taking market sentiment from post-breakout consolidation to renewed weakness in Bitcoin.