The crypto market experiences a widespread crash, with the funding rate indicating overall bearish sentiment. ETH displays a more severe bearish sentiment compared to BTC.

BlockBeats News, June 6th, according to HTX market data, Bitcoin is currently trading at $59,769.84, with a 24-hour decrease of 5.20%, falling below the $60,000 integer mark; Ethereum is currently priced at $1,524.44, with a 24-hour decrease of 11.87%. The current mainstream CEX funding rates show that both BTC and ETH have completely entered a bearish range, with ETH's negative rate depth expanding significantly, indicating a dominant bearish sentiment.

On the BTC side, the funding rates on various platforms are all less than 0.005%, indicating a comprehensive bearish trend and a basic disappearance of bullish momentum. On the ETH side, the bearish signals are particularly prominent, with the negative rate depth far exceeding that of BTC. The depth of funding rates across all platforms has turned negative, with shorts continuing to pay substantial fees to longs, reflecting a more intense bearish sentiment compared to BTC.

BlockBeats Note: Funding rates are the rates set by cryptocurrency exchanges to maintain the balance between the contract price and 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 for traders holding contracts to keep the contract price close to the underlying asset price.

When the funding rate is 0.01%, it represents the baseline rate. When the funding rate is greater than 0.01%, it indicates a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally bearish market.