Bitcoin price steadied near $77,000 as traders kept paying for shorts, extending the longest negative funding streak since the FTX collapse.
The price of Bitcoin holds near recent highs on Tuesday as traders balance steady institutional demand against persistent bearish positioning in derivatives.
As of Tuesday, April 21, Bitcoin price trades around $76,800, according to CoinGecko. Data from CoinGlass shows roughly $210 million in liquidations over the past 24 hours, with BTC▼$62,410.00 accounting for the largest part with $71.6 million.
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Crypto investment firm Keyrock wrote in a Monday report that Bitcoin’s negative funding streak has reached its longest run since the FTX collapse, underscoring rising short-squeeze potential:
“BTC has now posted negative funding for 46 consecutive days, the longest sustained negative streak since the FTX collapse in November 2022. The persistence of crowded short positioning against a price that has ground from the mid-$60ks to $77k+ creates significant short-squeeze potential, and Friday’s event previewed what that unwind looks like when a catalyst lands, even a false one.”
Institutional flows continue to provide a floor. Data shows nearly $1 billion in net inflows into U.S. spot Bitcoin ETFs last week. As Keyrock noted, institutional Bitcoin ETF flows “accelerated for a second consecutive week,” marking the “strongest weekly total since January.”
Bitcoin Price Deals With Rising Caution
But on-chain data shows a more mixed backdrop. Blockchain analytics firm Glassnode says the current market structure reflects steady demand alongside growing caution.
In a weekly research note, the firm said the market “still exhibits strong buyer interest, potentially buffering against significant price declines.” However, Glassnode added that a “shift towards bearish sentiment” is still emerging in futures positioning.
The setup keeps Bitcoin supported by steady spot buying and ETF inflows, even as derivatives markets remain tilted toward short positioning.
As Keyrock pointed out, the current structure points to catalyst-driven moves rather than a clear trend. The firm noted that a “single geopolitical headline generated $5B in OI, $820M in liquidations, and a $78K print within hours.”
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