The SMA 30 has fallen by 9% since the beginning of March. If this trend continues until the end of the week, it will turn negative. A decline in the funding rate means that demand for assets has decreased and the market may be in a recession or bear market.
BTC: Perpetual Futures Funding Rates vs Liquidation

That drop in the SMA 30 and declining funding rates is definitely a red flag for market sentiment. If this trend holds, it could signal a short-term bearish phase or even a deeper correction.