PANews reported on July 7 that CryptoQuant analyst Axel Adler Jr pointed out that according to the chart, every time the 30-day percentile funding rate of major exchanges dropped to about 50% (marked by green circles: September 2023, May 2024, September 2024 and April 2025), the market reached a stage bottom and then ushered in an upward trend.

The most recent bottom occurred in April 2025, after which the price of Bitcoin rebounded to $112,000, and the current funding rate percentile remains at 54%. He believes that this market structure shows that the bullish trend is still continuing, and the next focus will be on the funding rate reaching 80%. If this level is broken, there may be risks of excessive market enthusiasm and subsequent adjustments.