The crypto market is experiencing a broad decline, with funding rates indicating that both BTC and ETH are in bearish territory.

BlockBeats news, November 13, according to HTX market data, Bitcoin is currently at $68,515.90, with a 24-hour decline of 4.00%; Ethereum is currently at $1,925.97, with a 24-hour decline of 3.56%.

CoinGlass data shows that BTC open interest-weighted funding rate is 0.0040%, and volume-weighted funding rate is 0.0035%; ETH open interest-weighted funding rate is 0.0027%, and volume-weighted funding rate is 0.0026%. Both are below 0.005%, in bearish territory, and ETH funding rates are overall lower than BTC, with more pronounced bearish sentiment.

BlockBeats note: CoinGlass uniformly converts funding rates across platforms to an 8-hour basis. The funding rate is a long-short capital exchange mechanism designed to keep perpetual contract prices close to spot prices. A funding rate of 0.01% represents the baseline rate; above 0.01% indicates the market is generally bullish; below 0.005% indicates the market is generally bearish.