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Investor sentiment in the Bitcoin futures market has been recovering since late May, and BTC could break out of its corrective phase if spot buying also strengthens, on-chain analyst Darkfost said.
Darkfost said the 30-day cumulative funding rate for Binance BTC perpetual futures, shown at 20.1% on the chart, is moving similarly to past periods when sentiment recovered after bearish positioning intensified near the end of corrections. Darkfost added that a chain of short liquidations built up after BTC fell 52% in May previously fueled a rebound. With funding rates now recovering gradually again, optimism may continue to strengthen, and BTC could exit the correction phase if spot demand also picks up.