Bitcoin slips to $79,000, DOGE leads majors losses as negative funding rates set 10-year record

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin slips to $79,000, DOGE leads majors losses as negative funding rates set 10-year record Bitcoin pulled back from this week's $81,500 high after U.S. forces fired on Iranian targets, while crypto futures markets logged their 67th straight day of negative funding rates, the longest streak in a decade per K33 Research. By Shaurya Malwa May 8, 2026, 5:00 a.m. 3 min read Make preferred on What to know : Bitcoin has pulled back from a midweek high above $81,000 amid renewed U.S.-Iran tensions, but it remains higher on the week alongside mostly resilient global risk assets. Funding rates for bitcoin futures have been negative for 67 straight days, creating a powerful setup for a potential short squeeze if prices break above the key $83,200 technical level. While overbought signals and geopolitical risks are prompting caution and hedging in the options market, some analysts still see room for a medium-term move toward $93,000, possibly after another pullback. The longer the funding rates stay red, the louder the short squeeze gets. Bitcoin BTC $ 79,624.85 traded at $79,614 in Asian hours Friday, down 1.6% over 24 hours but still up 3.3% on the week, after pulling back from a Wednesday high of $81,500 that was the highest print since late January. Ether dropped 2% to $2,278, dogecoin slid 3.8% to $0.1063, XRP fell 1.7% to $1.38, and BNB shed 0.7% to $638. Solana and TRON held in green territory at $88.14 and $0.3474 respectively. Dogecoin is the only major coin in the red on the seven-day tape. The pullback came as U.S. forces fired on Iranian targets after attacks on American naval destroyers transiting the Strait of Hormuz on Thursday, per reports . President Donald Trump described the strike as a "love tap" in an ABC News interview, said the ceasefire with Iran remains "in effect," and threatened to hit harder if Tehran does not sign a deal soon. Brent crude climbed 1.2% to around $101 a barrel on the escalation, though oil is still down more than 6% on the week as the broader US-Iran de-escalation narrative continues to hold. Equities took a similar pause. The MSCI All Country World Index slipped 0.3% and Asian shares fell 1.2% from a record close, though the region is still on track for a fifth straight week of gains. Wall Street futures were 0.2% higher in early trading, suggesting the pullback is profit-taking rather than a structural reversal. Bitcoin futures funding rates have now stayed negative for 67 consecutive days, the longest stretch in 10 years per K33 Research. Funding rates are periodic payments between traders holding long and short futures positions, with negative funding meaning shorts are paying longs to keep their positions open. A market where shorts have been paying for two-and-a-half months while price has grinded higher is the cleanest setup for a short squeeze, where a sudden price move forces those shorts to close positions and accelerates the rally. FxPro chief market analyst Alex Kuptsikevich said in a note bitcoin's pause this week is not a sign of buyer exhaustion. "Bitcoin rose to $82,800 on Wednesday, approaching but not breaking through the 200-day moving average at $83,200. From its local highs, the leading cryptocurrency retreated to $81,300 at the time of writing," he said. Kuptsikevich added that the daily RSI hit overbought territory above 70, and that the previous three times this happened (August, October, January) were followed by sharp selloffs. "It is logical that market participants are taking a breather to assess the situation and gather strength." The options market is more cautious. QCP Capital said in a Telegram broadcast that monthly implied volatility remains around 41% and demand for put options persists, suggesting traders are buying bitcoin but continuing to hedge their downside. Elsewhere, Research firm XWIN Japan flagged $93,000 as a medium-term target driven by closing the CME futures gap, though the firm cautioned the move may not be linear and could see a leg lower first. For now, the trade sets up around two competing pressures. The negative funding extreme keeps the short squeeze on the table if bitcoin breaks $83,200. The Iran headlines and overbought RSI keep the door open for another retest of the lower range. 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