Bitcoin has rallied roughly 14% this month, its best monthly performance in a year, and the consensus is that the price could soon push past $80,000, a level not seen since January.
Yet the perpetual futures market, which is typically in sync with spot price action, is behaving as if the opposite is true. Specifically, the funding rate — a figure that's positive when the futures are positioned for a bitcoin price increase and negative when positioned for a drop — is currently below ze