Cryptocurrency Market Slightly Up, Funding Rates Indicate BTC and ETH Still in Bearish Territory

BlockBeats News, April 27th, according to HTX market data, Bitcoin is currently trading at $78,489.97, with a 24-hour change of +1.31%; Ethereum is currently trading at $2,362.36, with a 24-hour change of +2.03%. The current funding rates on major CEXs and DEXs indicate a bearish sentiment for both BTC and ETH, keeping the market mood subdued.

Specifically, the ETH funding rate is negative on major platforms such as Binance, with only a few platforms touching the 0.0100% neutral benchmark, indicating an overall bearish trend. As for the BTC funding rate, it is negative on multiple platforms, with shorts continuing to pay fees to longs to maintain their positions. The funding rates for specific mainstream coins are shown in the attached image.

BlockBeats Note: Funding rates are the rates set by cryptocurrency exchanges to keep the contract price in line 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 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. A funding rate greater than 0.01% indicates a generally bullish market, while a funding rate lower than 0.005% indicates a generally bearish market.