The current mainstream CEX and DEX funding rates indicate that the market's bearish sentiment towards BTC and ETH is stronger than towards altcoins.

ChainCatcher reports that, according to Coinglass data, after the crypto market experienced a further decline today, funding rate data shows that the current market remains overwhelmingly bearish, with bearish sentiment towards BTC and ETH even stronger than towards altcoins. Currently, the funding rates for BTC and ETH contracts are negative on almost all platforms, while most altcoin rates remain bullish, though the majority are positive. Specific funding rates are shown in the attached chart.

Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and the underlying asset prices, typically applicable to perpetual contracts. They are a mechanism for transferring funds between long and short traders; the platform does not charge this fee. It is used to adjust the cost or profit for traders holding contracts, keeping contract prices close to the underlying asset prices. When the funding rate is 0.01%, it indicates the baseline rate. A funding rate above 0.01% suggests a generally bullish market. Conversely, a funding rate below 0.005% indicates a generally bearish market.