Crypto Market Slightly Up, Funding Rate Indicates BTC and ETH Still in Bearish Zone

BlockBeats News, July 19th, according to HTX market data, Bitcoin is currently trading at $64,928.32, with a 24-hour gain of 1.47%; Ethereum is currently trading at $1,875.71, with a 24-hour gain of 1.65%. Despite a slight increase in the crypto market, the perpetual contract market sentiment remains cautious.

Recent data from CoinGlass shows that the BTC open interest and trading volume-weighted funding rates are both 0.0032%, while for ETH they are 0.0045% and 0.0031% respectively, all below the 0.005% bearish threshold. The current price rebound has not yet led to a comprehensive recovery in the funding rates, indicating a lack of willingness from derivatives traders to long.

BlockBeats Note: Funding rates are rates set by cryptocurrency exchanges to keep the perpetual contract price balanced with the underlying asset price. It is a mechanism for fund exchange between long and short traders, and the trading platform does not charge this fee. A funding rate of 0.01% indicates the baseline rate; above 0.01% represents a generally bullish market sentiment, while below 0.005% represents a generally bearish market sentiment.