The cryptocurrency market has shifted to a bearish stance as funding rates on major centralized and decentralized exchanges have declined. According to Coinglass data, Bitcoin's price drop below $77,000 has coincided with a notable decrease in funding rates, signaling a return to widespread bearish sentiment.
Funding rates, which are fees set by trading platforms to align contract prices with underlying asset prices, have fallen below the 0.005% threshold. This decline indicates a bearish market outlook, as funding rates below this level suggest that short positions are more prevalent than long positions. The adjustment in funding rates affects traders' costs or returns on holding contracts, ensuring that contract prices remain closely aligned with the underlying assets.
Crypto Market Turns Bearish as Funding Rates Decline on Major Exchanges
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