Bitcoin surged to $81,280, marking a 3.41% increase according to data from decrypt.co published on May 5, 2026.
The price rally occurred despite a 66-day streak of negative funding rates. Funding rates, which represent the cost of holding long or short positions in perpetual swaps, have remained in negative territory for over two months.
This trend typically suggests that short sellers are paying long holders to maintain their positions. The disconnect between the negative funding rates and the price action indicates a potential squeeze, as heavy short positions can lead to rapid price spikes if those shorts are forced to cover.
Other major cryptocurrencies also saw upward movement during this period. Ethereum rose 2.62% to $2,388.79, while Solana climbed 1.72% to $85.42.
Altcoins like Cardano and Avalanche also posted gains, rising 3.81% to $0.258918 and 3.26% to $9.42, respectively. In the periphery, Toncoin saw a significant 36.04% increase, while Memecore rose 27.03%.
In contrast, some stablecoins and assets remained flat or saw minor declines. USDS held steady at $0.999839, while the USD1 stablecoin dipped slightly to $0.99973. The USDC stablecoin remained virtually unchanged at $0.999799.
