بيتكوين يعيد اختبار 90,000، معدل التمويل يكشف عن المشاعر الحقيقية للسوق

【Block Rhythm】Recently, the market is repeating the same old pattern again — bouncing to a certain height and then getting smashed down. Data from January 9 showed that Bitcoin has once again fallen back to the $90,000 mark.

Looking at the funding rate, the market sentiment is written very clearly. Whether it’s mainstream centralized exchanges or DEX, including Bitcoin and various altcoins, the funding rates are all sending one signal: most people are currently leaning bearish.

Some people might not be too familiar with the concept of “funding rate,” so I’ll give a brief explanation. The funding rate is essentially a mechanism for capital flow between long and short positions in perpetual futures trading. Exchanges use it to maintain the balance between perpetual contract prices and spot prices. The fees don’t go into the exchange’s pocket but are directly transferred between traders. Simply put, the cost and returns of your long or short positions are adjusted through this rate.

The standard for judging bullish or bearish sentiment is actually quite straightforward: 0.01% is the baseline. When the rate exceeds 0.01%, it means more people in the market are bullish. When the rate falls below 0.005%, it flips — bearish voices are stronger. Looking at data from various exchanges, the current rates are moving downward. The logic behind this is that the number of people going long is decreasing, and some are even starting to operate in reverse.

In other words, the capital in the market right now is telling you through actual action: they’re not that optimistic about current prices. This also explains why bounces keep failing to gain momentum — there isn’t enough bullish force to support them.