On January 24th, according to Coinglass data, Bitcoin's attempt to break $90,000 was thwarted, and it is currently trading at $89,627. Current funding rates on major CEXs and DEXs indicate a slight easing of bearish sentiment towards BTC and SOL, with some trading platforms returning to neutral rates. However, widespread bearish sentiment towards Altcoin persists. Specific funding rates for major cryptocurrencies are shown in the attached chart.
BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain a balance between contract prices and the price of the underlying asset, typically applicable to perpetual contracts. It is a mechanism for exchanging funds between long and short traders; the trading platform does not charge this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the price of the underlying asset.
A funding rate of 0.01% represents the benchmark rate. A funding rate greater than 0.01% indicates a generally bullish market sentiment. A funding rate less than 0.005% indicates a generally bearish market sentiment.
