Bitcoin Funding Briefly Turns Positive; $85,000 Target in Focus
Perpetual futures funding spiked to 6% Monday as Bitcoin neared $82,000; ETF outflows, oil above $105 and Mideast tensions were noted by traders.
Bitcoin perpetual futures funding briefly jumped to 6% on Monday as the price approached $82,000, marking the first neutral-to-bullish funding level in more than a month. The positive reading was short-lived and came after Bitcoin had traded near $80,000 for more than a week.
The annualized funding rate for perpetual contracts has mostly been negative in recent weeks. The 30-day options delta skew on Deribit held near 10%, with put options trading at a premium to calls. These derivative metrics indicate elevated demand for downside protection.
US-listed spot Bitcoin ETFs recorded net outflows on Thursday and Friday, a pattern traders flagged as relevant to near-term liquidity. Institutional flows into or out of ETFs are commonly used as a gauge of large-scale demand.
Commodity and geopolitical developments also affected sentiment. Brent crude climbed above $105 a barrel on Monday after reports that the Strait of Hormuz was partially closed amid the war involving Iran. U.S. President Donald Trump called Iran’s demands ‘totally unacceptable.’ Israeli Prime Minister Benjamin Netanyahu argued the conflict would not end until Iran’s enriched uranium stockpiles were ‘taken out.’
Onchain and mining metrics showed mixed signals. Estimated Bitcoin network processing power dropped to its lowest point in eight weeks on April 26, then increased about 5% over two weeks to roughly 970 exahashes per second, remaining below the earlier peak near 1,150 EH/s. Several publicly traded mining companies disclosed moves related to high-performance computing: IREN announced a $34 billion deal with Nvidia and Core Scientific outlined plans to expand its Muskogee, Oklahoma campus.
Corporate treasury activity continued alongside market flows. Strategy (MSTR) disclosed a $43 million Bitcoin purchase funded by selling company shares after a one-week buying pause.
The funding spike on Monday was temporary. Market participants are monitoring ETF flow data, derivative funding rates and geopolitical developments for indications of further price movement toward $85,000.
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