Bitcoin Tops ₱4,506,372 ($75,000) as 46-Day Negative Funding Triggers Short Squeeze
Bitcoin surged past ₱4,506,372 ($75,000) on Wednesday amid the longest negative funding streak since late 2022, as geopolitical tensions with Iran eased and short sellers faced mounting pressure to cover positions.
Key Takeaway
Negative funding for 46 days created massive short squeeze pressure — breakout could push bitcoin to $80,000.
The 46-day negative funding streak is the longest since late 2022 during the bear market bottom. Only two other periods saw longer runs: March to May 2020 and June to August 2021. Negative funding means short sellers are paying long holders to keep positions open, creating pressure for a squeeze when price breaks resistance.
K33 Head of Research Vetle Lunde said the current setup — rising prices, climbing open interest, and negative funding — mirrors patterns that appeared near consolidation lows that later resolved higher. His analysis shows the backdrop raises odds of a classic short squeeze if price breaks out, with targets in the high-₱4,205,947 ($70,000)s or even ₱4,806,797 ($80,000) over coming weeks.
Bitwise Chief Investment Officer Matt Hougan argued that markets are now valuing bitcoin as two instruments at once. The first is the familiar digital gold pitch competing for a store-of-value market measured in tens of trillions. The second is an out-of-the-money call option on bitcoin evolving into a working currency and settlement layer. Hougan said that in a world where sanctions and correspondent banking are tools of statecraft, a permissionless network that clears value without central control looks different to both allies and non-aligned states.
Iran announced a $1-per-barrel bitcoin toll for crude shipments through the Strait of Hormuz after being cut from traditional payment rails. At current prices, that could generate roughly ₱1.2 billion ($20 million) in daily settlement volume. Russia faced similar financial isolation in 2022 when it was removed from the SWIFT network — a move a French official likened to a financial nuclear strike.
Bitcoin gained approximately 12% since the late February airstrikes began, while the S&P 500 slipped and gold sold off. That pattern breaks from the old view of bitcoin as a high-beta extension of tech stocks. Bitcoin traded at $74,860 at publication time, holding above support near $71,000 and testing the $75,000 to $76,000 resistance band.
This article was written based on reporting from Bitcoin Magazine.
