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

According to Coinglass data, after another dip in the cryptocurrency market today, the funding rates indicate that the current market remains broadly bearish, with bearish sentiment towards BTC and ETH even stronger than that towards altcoins. Currently, the funding rates for BTC and ETH contracts on almost all platforms are negative, while the rates for altcoins, although still bearish, are mostly positive. The specific funding rates are shown in the attached image.

Funding rates are the fees set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of the underlying assets, typically applicable to perpetual contracts. It serves as a mechanism for the exchange of funds between long and short traders; the trading platform does not charge this fee, which is used to adjust the cost or profit of traders holding contracts to keep the contract prices close to the prices of the underlying assets. When the funding rate is 0.01%, it indicates the benchmark rate. When the funding rate is greater than 0.01%, it represents a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally bearish market.