Bitcoin Funding Metrics Hit 2022 Lows as BTC Trades Near $76K

• Michael van de Poppe posted that Bitcoin is at a capitulation point, citing eleven indicators.
• Van de Poppe said annualized perpetual funding is near 5%, meaning shorts are paying longs.
• Bhutan moved another 100 BTC worth about $7.83 million from state-linked wallets.

Bitcoin traded near $75,962 on Wednesday as market data showed weaker price action and rising derivatives stress. According to CoinMarketCap, BTC slipped 0.21% in 24 hours, while its market cap stood at $1.52 trillion, and daily volume rose 8.41% to $36.57 billion.

Michaël van de Poppe posted on X that Bitcoin is at its “capitulation point,” using a Glassnode chart on annualized perpetual funding and the three-month rolling futures basis. However, the market also absorbed fresh selling signals after Bhutan moved another 100 BTC from state-linked wallets.

Funding Signals Hit Rare Levels

Michaël van de Poppe said eleven indicators now show one of Bitcoin’s strongest buying opportunities in five years. He added that the last time all these signals appeared together was in the fourth quarter of 2022, when the market was recovering from the FTX crash.

Notably, his post focused on Bitcoin’s perpetual funding rate, which remains negative. He said the annualized funding rate stands near 5%, meaning shorts are paying longs. That setup often appears when traders hold heavy downside exposure through leveraged positions.

Source: glassnode

The chart he shared also showed the three-month futures basis near 2% to 3%. According to his post, that level is the lowest since the fourth quarter of 2022. He compared the current derivatives reset with March 2020 and November 2022, when similar stress appeared during major market shocks.

Van de Poppe said the market now has fewer leveraged longs left to liquidate. Additionally, he pointed to Bitcoin ETF inflows of $1.5 billion since April 13 as evidence that spot demand has remained active while derivatives positioning stays weak.

Bitcoin Trades Below $76K

Bitcoin changed hands at $75,962.16, according to CoinMarketCap data shared on Wednesday. The asset’s 24-hour range showed a low of $75,684.21 and a high of $77,884.97, placing BTC below its earlier intraday recovery level.

Market capitalization stood at $1.52 trillion, while fully diluted valuation reached $1.59 trillion. Bitcoin’s circulating supply stood at 20.02 million BTC, against a maximum supply of 21 million BTC. Treasury holdings were listed at 1.27 million BTC.

Nevertheless, BTC remains far below its all-time high of $126,198.07, reached on October 6, 2025. Data showed Bitcoin trading 39.96% below that level, while remaining sharply above its July 2010 low of $0.04865.

Meanwhile, community sentiment on CoinMarketCap showed 80% bullish votes against 20% bearish votes from 6.4 million votes. The chart still showed a late-session drop from the $77,500 area toward the $75,900 zone.

Bhutan Sale Adds Supply Focus

Bitcoin markets also tracked fresh sovereign wallet activity after Bhutan moved another 100 BTC worth about $7.83 million. Arkham Intelligence linked the transfer to state-associated wallets, extending the country’s steady drawdown of its Bitcoin reserves.

Bhutan built its Bitcoin position through state-backed hydropower mining. At its peak in 2024, the country held more than 13,000 BTC. Blockchain data now places its balance near 3,421 BTC after years of transfers through exchanges, OTC desks, and intermediaries.

According to earlier reporting, Bhutan’s 2026 Bitcoin sales have reached about $206.98 million. The latest transfer continued a pattern of controlled sales, with previous transactions often ranging between $5 million and $10 million.

Additionally, on-chain data shows no fresh mining activity from the state-linked operation. That makes the recent transfer relevant for traders watching supply, even as Van de Poppe’s funding data points to a market where short positions remain crowded.

Related: Bhutan Speeds Up Bitcoin Selloff With Fresh $7.8M Move