The crypto market sees a slight uptick, but funding rates indicate BTC and ETH remain in a bearish zone.
BlockBeats news, July 19, according to market data from a certain exchange, Bitcoin is currently quoted at $64,928.32, with a 24-hour increase of 1.47%; Ethereum is currently quoted at $1,875.71, with a 24-hour increase of 1.65%. Despite a slight uptick in the crypto market, sentiment in the perpetual contract market remains cautious.
Latest CoinGlass data shows that the weighted funding rates for BTC positions and turnover are both 0.0032%, and for ETH they are 0.0045% and 0.0031% respectively, both below the bearish threshold of 0.005%. The current price rebound has not yet led to a comprehensive recovery in funding rates, and derivative traders' willingness to chase longs is still lacking.
BlockBeats note: Funding rates are the rates set by cryptocurrency trading platforms to maintain the balance between perpetual contract prices and underlying asset prices; it is a mechanism for fund exchanges between long and short traders, and trading platforms do not charge this fee. When the funding rate is 0.01%, it indicates the benchmark rate; above 0.01% represents a generally bullish market, and below 0.005% represents a generally bearish market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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