Bitcoin funding rate hits 2-week high: Is $70K next?
Cointelegraph 2026-06-22 22:15:51
Context: Bitcoin's price flirted with the $65,500 level on Monday, amid investor optimism fueled by growing demand for bullish leveraged positions and a decline in Brent crude oil prices. The cryptocurrency's funding rate and orderbook setup signaled confidence among bulls, but ETF outflows and macroeconomic concerns could limit its short-term upside. US Vice President JD Vance's comments on progress in talks with the Iranian delegation also influenced market sentiment.
Key Facts
- The Bitcoin perpetual futures annualized funding rate jumped to 7% on Monday, its highest level in nearly three weeks, reflecting growing confidence among bulls.
- Demand for put (sell) options outpaced call (buy) instruments by over two times on Monday, signaling stronger demand for downside price protection and a cautious investor sentiment.
- Bitcoin's price failed to hold the $65,000 level, but bids on major exchanges' Bitcoin order books exceeded offers by $12 million on Monday, reversing the weekend trend.
- Weak demand for US-listed Bitcoin exchange-traded funds (ETFs) continues to weigh on investor sentiment, with Bitcoin spot ETFs seeing $228 million in net outflows the prior week.
- The Nasdaq 100 Index posted a modest 1% decline as artificial intelligence stocks weakened, with SpaceX shares dropping 13% after the company announced plans to raise debt despite holding over $100 billion in cash.