📊 [Market Dynamics] The funding rates for mainstream tokens such as ETH and BTC continue to be negative, and market sentiment is bearish.

According to Coin-glass data, as of now, the funding rates for perpetual contracts displayed by mainstream CE-X (centralized exchanges) and some DE-X are generally low, indicating that the market is in a clearly bearish sentiment.

As shown in the figure, mainstream tokens such as BTC, ETH, and SOL have funding rates at or below 0 on most trading platforms, with ETH's funding rates on By-bit, Ku-Coin, and OK-0X being -0.0038% / -0.0036% / 0.0002%, all below the neutral range of 0.005%, indicating that the sentiment of short position holders remains strong.

📉 Block-Beats Note: The funding rate is an important mechanism for maintaining the spot price anchor in the contract market.
• When the funding rate > 0.01%, it means bullish sentiment is high and the market is optimistic;
• When the funding rate < 0.005%, it represents short selling pressure and a bearish market;
• Currently, the funding rates of the vast majority of mainstream tokens are well below 0.005%, indicating that the overall market is bearish and that confidence in leveraged funds is lacking.

💡 Special Attention:
• Most platforms have negative ETH funding rates, and the short selling pressure remains strong;
• BTC is positive on some platforms, but overall it is close to neutral and not showing strong momentum;
• SUI, HYPE and other small coins have larger fluctuations, showing signs of localized bullish and bearish tug-of-war.

📌 Market Outlook: The funding rate is a leading indicator. If it cannot turn positive in the short term, it is expected to mainly trend downward with fluctuations. If this is accompanied by liquidation data and synchronized outflow of spot funds, it will further validate the market's downward trend.