BlockBeats news, on January 19, according to Coinglass data, the cryptocurrency market experienced a pullback in recent days and briefly fell below $92,000 this morning. Currently, the funding rates on mainstream CEX and DEX platforms show that the market has fully turned bearish, with Bitcoin and Ethereum experiencing negative funding rates, and the bearish sentiment towards altcoins is even stronger. The specific funding rates for mainstream cryptocurrencies are shown in the attached image.

BlockBeats note: Funding rates are the rates set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of underlying assets, usually applicable to perpetual contracts. It is a funding exchange mechanism between long and short traders, and trading platforms do not charge this fee, which is used to adjust the cost or returns of traders holding contracts to keep the contract price close to the underlying asset price.

When the funding rate is 0.01%, it represents the benchmark rate. When the funding rate is greater than 0.01%, it indicates a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally bearish market.