【BlockBeats】The recent market is repeating the same old script again — a rebound to a certain height, then a sharp decline. Data from January 9 shows Bitcoin has fallen back below the $90,000 mark once again.
Looking at the funding rate, the market sentiment is crystal clear. Whether it’s mainstream centralized exchanges or DEXs, including Bitcoin and various altcoins, the funding rates are all sending the same signal: most people are currently leaning bearish.
Some people might not be familiar with the concept of “funding rate,” so let me give a simple explanation. The funding rate is essentially the mechanism of 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; instead, they transfer directly between traders. Simply put, the cost and returns of going long or short are adjusted through this rate.
The standard for judging bullish vs bearish sentiment is actually straightforward: 0.01% is the baseline. When the rate exceeds 0.01%, it indicates that bulls have the upper hand in the market; when the rate falls below 0.005%, it’s the opposite — bearish sentiment is stronger. Based on data from various exchanges, the current funding rates are trending downward, and the logic behind this is that the number of long positions is decreasing, and some traders are even starting to go short.
In other words, the capital in the current market is using actual action to tell you: they’re not that optimistic about current prices. This also explains why rebounds keep failing — there simply isn’t enough buying power to support them.
ビットコインが9万に戻り、資金費率が市場の本当の感情を明らかにする
【BlockBeats】The recent market is repeating the same old script again — a rebound to a certain height, then a sharp decline. Data from January 9 shows Bitcoin has fallen back below the $90,000 mark once again.
Looking at the funding rate, the market sentiment is crystal clear. Whether it’s mainstream centralized exchanges or DEXs, including Bitcoin and various altcoins, the funding rates are all sending the same signal: most people are currently leaning bearish.
Some people might not be familiar with the concept of “funding rate,” so let me give a simple explanation. The funding rate is essentially the mechanism of 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; instead, they transfer directly between traders. Simply put, the cost and returns of going long or short are adjusted through this rate.
The standard for judging bullish vs bearish sentiment is actually straightforward: 0.01% is the baseline. When the rate exceeds 0.01%, it indicates that bulls have the upper hand in the market; when the rate falls below 0.005%, it’s the opposite — bearish sentiment is stronger. Based on data from various exchanges, the current funding rates are trending downward, and the logic behind this is that the number of long positions is decreasing, and some traders are even starting to go short.
In other words, the capital in the current market is using actual action to tell you: they’re not that optimistic about current prices. This also explains why rebounds keep failing — there simply isn’t enough buying power to support them.