Bitcoin's funding rate has remained negative, indicating bearish market sentiment and forced liquidations rather than a shift towards bullishness. Recently, Bitcoin (BTC) experienced a price drop below $75,000, leading to $120 million in liquidations of leveraged long positions. The negative funding rate, which has persisted since Monday, suggests that sellers are paying to maintain their positions, reflecting a lack of demand for bullish leverage. In contrast, institutional interest in Bitcoin remains robust, with $921 million in net inflows into US-listed Bitcoin spot exchange-traded funds (ETFs) over five days. Despite Bitcoin's struggles to regain the $76,000 level, recent economic data indicating a decrease in US industrial production and rising jobless claims may create a favorable environment for risk assets. However, the Bitcoin options market shows no excessive demand for downside protection, suggesting that while bearish positions have been liquidated, institutional confidence in Bitcoin's spot market remains intact.