Crypto Market Sees Minor Rebound, Funding Rates Indicate BTC and ETH Still in Bearish Territory

BlockBeats News, June 20th, according to HTX market data, Bitcoin is currently trading at $63,671.32, with a 24-hour increase of 1.60%; Ethereum is currently trading at $1,723.81, with a 24-hour increase of 1.64%. The crypto market has experienced a slight rebound. The funding rates indicate that BTC and ETH are still in a bearish range. The funding rate for BTC on various platforms is completely below the threshold and half have turned negative, as the price increase has failed to boost bullish sentiment simultaneously. ETH's overall funding rate is also in a bearish range, but most are still positive, with sentiment slightly stronger than BTC.

BlockBeats Note: Funding rates are 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 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 baseline 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.