$OGN BTC funding rates usually hover around ±0.01%, but OGN plunged to -0.095%, or -104% annualized. Shorts not only have to weather price fluctuations, but also pay funding every 8 hours. Such an extreme negative funding rate could mean the market is deeply bearish—or that shorts are building up for a short squeeze.

If the price can stabilize with rising volume in the support zone, deeply negative funding rates are often a signal of a potential rebound. On the other hand, if it breaks below the previous high-volume trading area, shorts may keep adding to their positions, and the negative funding rate may simply be fuel for the prevailing trend. No guessing which way prices will go, but this setup is worth keeping an eye on.

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