usda
The chart shows a recurring bullish pattern: every time the 30-day relative funding ratio (RFR) across major exchanges drops to approximately 50% (green circles: September 2023, May 2024, September 2024, and April 2025), it coincides with a local bottom phase followed by a resumption of the uptrend.
After the recent bottom in April 2025 and the subsequent rise to $112,000, the current ratio stands at 54%.
This suggests that the upward momentum remains, and the next level to watch is 80% - a break above this level could indicate over-enthusiasm and a potential price correction