Just caught something interesting from K33's latest research that's worth paying attention to. Bitcoin's funding rate has been sitting negative for 46 straight days now, which is pretty wild if you think about it. We haven't seen this kind of streak since the bottom of the 2022 bear market.

Historically, K33 points out there have only been two longer stretches: back in 2020 we had 63 days, and in 2021 it was 49 days. What makes this current situation different according to K33 researchers is the combination - negative funding rates plus rising open interest and rising prices all at the same time. That's the kind of setup that usually means aggressive short positioning, which increases the odds of a squeeze happening.

BTC has already bounced 23% from that February low around $60k, and we're currently trading near $77.5k. Still, we're nowhere near that October 2025 peak of $126k. K33's take is that if the short squeeze actually plays out, we could finally break through this 68-day consolidation range we've been stuck in. Definitely something to keep an eye on.