Funding rates suggest bottom formingPerpetual swap funding rates — a key gauge of market froth — have now turned bearish across major tokens, including for ETH, SOL and XRP. In perpetual futures contracts, which do have expiry dates, funding rates are periodic payments exchanged between traders based on the difference between the perpetual contract price and the spot price. Historically, persistent negative funding rates have often preceded short-term bottoms as overly crowded short positions become vulnerable to sudden price reversals. Perp funding rates (CoinGlass)Some key levelsU.S. spot bitcoin ETF buyers have an aggregate cost basis near $84,099, only barely below the current price of $84,400. Meanwhile, the True Market Mean Price, a long-term fair value derived from Investor Cap divided by Active Supply, sits just above $80,000.