The entire crypto market declines, funding rates turn negative

BlockBeats news, on July 17, according to data from a certain exchange, Bitcoin is currently quoted at $62,970.53, a 24-hour decrease of 1.76%; Ethereum is quoted at $1,832.07, a 24-hour decrease of 2.81%.

CoinGlass's latest data shows that BTC's weighted funding rates for positions and trading volume are 0.0041% and 0.0030% respectively, while ETH's two weighted rates are both 0.0045%, all below the bearish threshold of 0.005%. Overall bearish sentiment in BTC and ETH is clear, ETH's weighted rate is slightly higher, and market sentiment is relatively stronger than BTC.

BlockBeats note: Funding rates are rates set by cryptocurrency trading platforms to keep perpetual contract prices balanced with the underlying asset prices and are a mechanism for fund exchange between long and short traders. The trading platform does not charge this fee. When the funding rate is 0.01%, it represents the benchmark rate; higher than 0.01% indicates bullish sentiment in the market, while lower than 0.005% indicates bearish sentiment in the market.