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

BlockBeats News, July 26th, according to HTX market data, Bitcoin is currently trading at $64,314.13, with a 24-hour gain of 0.44%; Ethereum is currently trading at $1,878.63, with a 24-hour gain of 1.16%. Despite a slight rebound in the crypto market, the perpetual contract market sentiment remains weak.

According to the latest data from CoinGlass, the BTC open interest and trading volume-weighted funding rates are 0.0043% and 0.0029% respectively, but funding rates on some exchanges have returned to a neutral level. For ETH, the rates are 0.0028% and 0.0018% respectively, both below the 0.005% bearish threshold, indicating stronger bearish sentiment for ETH compared to BTC.

BlockBeats Note: Funding rates are rates set by cryptocurrency exchanges to balance the perpetual contract price with the underlying asset price. It is a mechanism for fund transfers between long and short traders, and exchanges do not take this fee. A funding rate of 0.01% represents the base rate; above 0.01% indicates a generally bullish market, while below 0.005% indicates a generally bearish market.