Data: The current funding rate on Binance is significantly lower than the market median, and retail investors are aggressively buying
According to CryptoQuant analyst Crazzyblockk, the funding rate on Binance is currently 370 bps lower than the median of the three exchanges, sitting at a low level of 2.8%, the lowest reading since 2021. As the dominant trading venue for BTC perpetual contracts, Binance's structured short positions are significantly higher than the combined total of OKX and Bybit, a situation that is uncommon, indicating a distinctly bearish pricing, with structured shorts far exceeding other CEXs.Additionally, Crazzyblockk observed that the recent retail buying aggression (TBSAI) has rapidly reversed, soaring from -1.85σ to +0.81σ, a significant increase of 2.66σ within 30 days, indicating that this group is aggressively bottom-fishing, while the selling pressure mainly comes from whales (IWCR shows that large holders are continuously net distributing), creating a typical divergence between retail buying and whale distribution. Currently, leverage levels are neutral (LIR -0.4σ), with no crowding risk. This is a phase of "distribution to the strong": either the shorts are squeezed up, or the whales are correct, and the market retraces. The key observation signal is a breakout of LIR above +1σ (new leverage entering).