Current mainstream CEX, DEX funding rate displays show a predominantly bearish market, with stronger bearish sentiment on SOL and XRP than on BTC

BlockBeats News, February 10th, according to Coinglass data, Bitcoin dropped below $69,000. Funding rate data shows that the current market is still predominantly bearish, with multiple exchanges showing a negative BTC and ETH funding rate, where shorts are paying fees to longs to maintain their positions. The market sentiment towards mainstream altcoins SOL and XRP is more bearish than towards BTC.

BlockBeats Note: Funding Rate is a fee set by cryptocurrency exchanges to keep the contract price balanced with the underlying asset price, usually applied to perpetual contracts. It is a fund exchange mechanism between long and short traders, with the exchange not collecting this fee but using it to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price.

When the Funding Rate is 0.01%, it represents the benchmark rate. When the Funding Rate is above 0.01%, it indicates a generally bullish market. When the Funding Rate is below 0.005%, it indicates a generally bearish market.