Cryptocurrency Rebound, Funding Rate Shows Bearish Sentiment Still Unwilling to Retreat, ETH Particularly Prominent
BlockBeats News, March 24th, according to Coinglass data, Bitcoin is currently trading at $70,529.30, with a 24-hour gain of 3.25%; Ethereum is currently trading at $2,138.27, with a 24-hour gain of 3.32%. As the prices continue to recover, the funding rates on mainstream CEXs and DEXs still indicate persistent bearish signals, particularly pronounced for ETH.
Specifically, the ETH funding rate is in negative territory on almost all major platforms like an exchange, with shorts continuing to pay longs to maintain their positions. The sentiment in the futures market is significantly more bearish than in the spot market. On the BTC side, while the funding rates on major platforms like an exchange are positive, they are all below the 0.005% threshold. Some platforms still have negative rates, indicating an overall lack of neutrality. The specific funding rates for mainstream coins are shown in the attached image.
BlockBeats Note: Funding rates are rates set by cryptocurrency exchanges to keep the contract price aligned with the underlying asset price, usually applicable to perpetual contracts. It is a fund exchange mechanism between long and short traders, and the trading platform does not charge this fee. It is used to adjust the cost or profit of holding a contract to keep the contract price close to the underlying asset price.
When the funding rate is 0.01%, it represents the baseline rate. A funding rate higher than 0.01% indicates a generally bullish market sentiment. A funding rate below 0.005% indicates a generally bearish market sentiment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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