Recently, I’ve noticed a very interesting phenomenon: BTC’s funding rate is so low it’s almost touching the ground.

According to data from Coinglass, the average funding rate across the network for 8 hours is only 0.0027%—what does this number mean? Basically, it means the market sentiment “ECG” is almost flatlining.

Looking at a few major platforms: one leading exchange is at 0.0017%, slightly bullish; another is only 0.0007%, scarily low; yet another is even at -0.0012%, slightly bearish.

This situation is actually quite rare. To put it simply, both bulls and bears are choosing to stay on the sidelines—no one dares to use significant leverage. Everyone is waiting—for a clear directional signal.

History tells us that this kind of “freeze mode” is often the calm before the storm. The quieter the market, the more dramatic the moves that may follow.