비트코인이 4월 들어 14% 상승, 2025년 4월 이후 최대 월간 상승률을 기록했음에도 BTC 무기한 선물 시장 내 마이너스 펀딩비율이 지속되고 있는 가운데, 이는 기관 투자자의 구조적 헤지 전략이 반영된 것이라는 분석이 나왔다. 코인데스크에 따르면 10x리서치 설립자 마르쿠스 틸렌(Markus Thielen)은 "비트코인 선물 시장 내 펀딩비율이 이례적인 현상을 나타내고 있다. 30일 환산 평균 펀딩비율은 -5% 수준으로 과거 고점인 +8%와 괴리가 커지고 있다. 비트코인이 가격이 상승세를 타고 있지만, 선물 시장 내 '음펀비'가 지속되고 있다는 것은 투자자들의 단순한 심리 변화가 아닌 선물 시장의 구조적 변화를 시사한다"며 "현재 시장은 개인 투자자가 아닌 기관 투자자의 헤지 활동에 의해 주도 되고 있다. 헤지펀드들이 포지션 관리를 위해 헤지 차원에서 선물을 공매도 하고 있는 것"이라고 설명했다.

분석 "BTC 선물 시장 '음펀비 지속'... 기관 구조적 헤지 전략 영향"

Despite Bitcoin rising 14% in April, marking its highest monthly gain since April 2025, negative funding rates in the BTC perpetual futures market persist; analysis suggests this reflects structural hedging strategies by institutional investors. According to CoinDesk, Markus Thielen, founder of 10x Research, stated, &quot;Funding rates in the Bitcoin futures market are exhibiting an unusual phenomenon. The 30-day average funding rate stands at around -5%, diverging significantly from the past high of +8%. The persistence of &#39;negative funding rates&#39; in the futures market, despite Bitcoin&#39;s rising price, suggests a structural shift in the market rather than a simple change in investor sentiment.&quot; He further explained, &quot;The current market is being driven by hedging activities of institutional investors rather than retail investors. Hedge funds are short-selling futures as a hedge to manage their positions.&quot;

Analysis: "BTC Futures Market 'Continued Negative Boundaries'... Impact of Institutional Structural Hedging Strategies"

Original Author: Kaori
Original Editor: Sleepy.md $8,000.

If you wanted to be present at Trump's Mar-a-Lago dinner last weekend, you only needed $8,000.

In January 2025, Trump issued a meme coin named after himself. Five months later, he announced that the top 220 holders of the coin could attend a dinner at his golf club. This coin transformed from an on-chain speculative asset into a ticket to meet the President of the United States.

In March 2026, Trump coin fell below $3, a drop of 9... from its peak.

China's No. 1 scalper: $8,000 for a Trump meeting ticket.

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Written by: Robert Hackett, Jeremy Zhang, a16z crypto
Compiled by: Chopper, Foresight News
For many years, stablecoins have been searching for their core identity.
Initially, stablecoins were merely a trading tool for transferring dollar assets between various exchanges. Subsequently, they evolved into savings instruments, becoming assets held long-term rather than for everyday consumption. Today, data points to a completely new direction: stablecoins are becoming a core part of global financial infrastructure.
The following nine charts illustrate...