According to @glassnode on X on Sep 5, 2025, Bitcoin's (BTC) futures funding rates have cooled to about USD 366,000 per hour, approaching the neutral threshold for this cycle at USD 300,000 per hour. According to @glassnode, a break below USD 300,000 per hour would signal fading demand in BTC perpetual futures. According to @glassnode, such a move would deepen the off-chain divergence from prior bullish phases.