According to Coinglass data, Bitcoin’s recent price drop to $93,009 has led to a bearish market sentiment, as reflected in the current funding rates of mainstream centralized exchanges (CEX) and decentralized exchanges (DEX). As of December 30, the funding rates for major cryptocurrencies indicate a predominantly bearish outlook.
Funding Rates: A Key Market Indicator
Funding rates are a crucial metric in assessing market sentiment. A funding rate of 0.01% represents the base rate, while rates above 0.01% indicate a bullish market and rates below 0.005% signify a bearish market.
Current Funding Rates: A Bearish Trend
The current funding rates for mainstream currencies, as shown in the figure below, demonstrate a bearish trend. With Bitcoin’s price drop, the market sentiment has shifted, and investors are becoming increasingly cautious.
Source:
Coinglass data, December 30
Source: M.theblockbeats.info
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