Crypto market sees slight decline, funding rates indicate rising bearish sentiment for ETH, BTC remains in neutral range.

BlockBeats news, October 29, according to HTX market data, Bitcoin is currently at $79,907.10, down 1.25% in 24 hours; Ethereum is currently at $2,313.12, down 1.74% in 24 hours.

According to CoinGlass data, BTC's open interest-weighted and volume-weighted funding rates are 0.0069% and 0.0056% respectively, both in the neutral range; ETH's two weighted rates are 0.0042% and 0.0043% respectively, both below the 0.005% bearish threshold, indicating that ETH contract market sentiment is weaker than BTC.

BlockBeats note: Funding rates are rates set by cryptocurrency trading platforms to maintain a balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. It is a funding exchange mechanism between long and short traders; the trading platform does not collect this fee, and it is used to adjust the cost or profit of traders holding contracts so that contract prices remain close to underlying asset prices.

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