#密码资产动态追踪 From the perspective of funding rates, the market sentiment in the crypto space has fully diverged.

According to the latest statistics from on-chain data analysis platforms, major mainstream exchanges and decentralized trading platforms are showing interesting divergence in funding rates: $BTC and $ETH rates have returned to the neutral zone, while a large number of altcoins still maintain negative funding rates.

Quick explanation of what funding rates are—this is the core mechanism of the futures market. When the rate is positive, it indicates that longs are paying shorts (market bullish); when negative, shorts are subsidizing longs (market bearish). Simply put, the funding rate is a barometer of market sentiment.

The current phenomenon is quite clear: players in $BTC and $ETH have abandoned extreme bets, and both sides are observing. But altcoins are different—they are still largely in negative funding rates, meaning many are bottom-fishing or simply betting on further declines.

Why is this happening? The reason is quite profound: mainstream coins have market consensus and institutional support, so even if they fall further, there are buyers; but altcoins are not so lucky. The previously sharp gains in altcoins mean that once expectations shift, funds immediately turn around and run, and short-selling forces pile up instantly.

Look at the current market layout—big funds are holding tightly onto $BTC$ETH and other safe-haven assets, while retail traders are speculating on smaller coins, which have become the main battleground for shorting. This reveals a reality: the market's risk appetite is clearly declining, and investors are shifting from "speculation" to "hedging."

Where the funds flow, the market follows.