Crypto derivatives funding rates have fallen to levels last seen in the 2022 bear market, as billions in leveraged positions were liquidated.
Funding rates across crypto derivatives markets plummeted to their lowest levels since the depths of the 2022 bear market, as short sellers mounted up over the weekend.
The dramatic fall in funding rates was reported by onchain analytics provider Glassnode on Sunday.
“This marks one of the most severe leverage resets in crypto history,” the analysts noted, stating it was a clear sign of “how aggressively speculative excess has been flushed from the system.”
