Recent data shows that the Bitcoin funding rates on BitMEX have turned negative, indicating a bearish mentality among futures traders on the platform. However, this pattern has previously led to a bullish boost for BTC. The funding rate measures the number of periodic fees that futures traders on a derivative exchange are exchanging between each other. When the futures market becomes too unbalanced towards any one side, a sharp price move in the opposite direction becomes more probable, potentially leading to a short squeeze in the near term. BTC is currently trading around $27,500, down 4% in the last week.