Bitcoin has rebounded nearly 20% from its lows, but funding rates still indicate a bearish outlook.

According to ME News, on February 7th (UTC+8), Coinglass data showed that although Bitcoin rebounded nearly 20% from its daily low, briefly touching $71,751, current funding rates on major CEXs and DEXs indicate a continued bearish market sentiment. Specific funding rates are shown in the attached chart. BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain balance between contract prices and the underlying asset price, 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, but uses it to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. A funding rate of 0.01% represents the base rate. A funding rate greater than 0.01% indicates a generally bullish market. A funding rate less than 0.005% indicates a generally bearish market. (Source: ME)