Current mainstream CEX and DEX funding rates indicate the market remains broadly bearish, with bearish sentiment for SOL and XRP stronger than for BTC.

BlockBeats News, February 10, according to Coinglass data, Bitcoin has fallen below $69,000. Funding rate data shows that the market remains broadly bearish, with BTC and ETH funding rates negative on multiple trading platforms, meaning short positions are paying fees to longs to maintain their positions. The market sentiment towards mainstream altcoins such as SOL and XRP is even more bearish than for BTC.

BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of the underlying assets, and are usually applied to perpetual contracts. It is a capital exchange mechanism between long and short traders. The trading platform does not charge this fee; it is used to adjust the cost or profit of holding contracts, so that the contract price remains close to the price of the underlying asset.

When the funding rate is 0.01%, it represents the benchmark rate. When the funding rate is greater than 0.01%, it indicates that the market is generally bullish. When the funding rate is less than 0.005%, it indicates that the market is generally bearish.