Bitcoin slid to $79,000 on Friday after touching $81,500 earlier in the week. The drop followed U.S. strikes on Iranian targets, injecting fresh geopolitical risk into markets already wrestling with persistent bearish signals in derivatives. The move erased the week's earlier gains and left traders scanning for the next trigger.
The Military Strike
On Thursday, U.S. forces fired on Iranian positions. The news hit risk assets across the board. Crypto was no exception. Bitcoin fell roughly 3% from its weekly high, pulling back to $79,000 within hours. Volumes picked up but no exchange reported outages — the sell-off was orderly, if sharp.
67 Days of Negative Funding
Crypto futures markets have now logged 67 consecutive days of negative funding rates. That's the longest stretch in a decade, according to K33 Research. Negative funding means short positions are paying longs — a sign that leveraged traders are overwhelmingly bearish. The streak started in early March and hasn't let up, even as Bitcoin occasionally bounced. The persistence of this signal suggests the selling pressure isn't just a one-off reaction to headlines.
A Record That Keeps Growing
The previous record was set in 2016, according to K33. That streak ended when a surprise rally forced shorts to cover. This time, there's no clear catalyst for a flip. Geopolitical uncertainty is adding to the drag. The funding rate streak now stands at 67 days — and counting. Traders are watching for a potential short squeeze if prices rebound sharply, but the geopolitical backdrop complicates that outlook.
