Bitfinex said Bitcoin rose more than 20% over the past week while funding rates have already cooled, a setup it described as different from a leverage-heavy rally. In its post on X, the exchange said rallies led mainly by leveraged positioning usually keep funding rates elevated for longer. This time, funding rates briefly spiked during the breakout but quickly fell back to baseline levels. Bitfinex said that pattern suggests the move has been supported by real buying interest rather than crowded long positioning. The comment focuses on how derivatives pricing behaved during the advance, with the exchange framing the quick normalization in funding as a sign that the market is not being driven primarily by overheated leverage.
Bitfinex said in a post on X that Bitcoin (BTC) has gained more than 20% in a week, while funding rates have already cooled.
According to Bitfinex, rallies driven by leverage usually keep funding rates elevated. In this case, funding briefly jumped during the breakout and then quickly returned to baseline levels.
Bitfinex said that pattern points to genuine buying rather than crowded long positioning.
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