Zooming out: May 19th vs December 4th

The negative funding rates reached levels not seen since June and May amid this snowballing liquidation cascade.
Source: NYDIG Data

The average funding rates on Saturday, Dec 4th fell towards -0.03%, reaching the most negative funding rates seen since May 19th, when funding rates bottomed at -0.06%.

Following the May 19th crash, funding rates remained in neutral to negative terrain until the July 26th short squeeze in bitcoin. Throughout these two months, the bitcoin price slowly trended lower.

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