A sustained negative funding rate in BTC perpetual futures often signals bearish sentiment, with shorts paying longs, suggesting more traders are betting on price declines. This could indicate主力 (main players) pressuring the market to accumulate at lower prices, as negative rates align with potential bottoming patterns historically seen during major lows (e.g., Covid-19 crash, FTX collapse). However, it’s not conclusive evidence of accumulation, as it may reflect broader market uncertainty or short-term selling pressure. Recent posts on X highlight negative rates coinciding with price strength, hinting at a possible short squeeze. Traders should combine funding rate trends with on-chain data, open interest, and spot flows for a clearer picture, as relying solely on funding rates can be misleading.