ChainThink reports that on March 16, according to Coinglass data, the crypto market continued its rebound from last week, showing accelerated upward momentum. As of press time, Bitcoin briefly surged past $74,000 and is currently trading at $73,633.85. Ethereum is trading at $2,236.33, up 6.8% over the past 24 hours.
Amid the market's strong rebound, funding rates on major CEXs and DEXs indicate that market sentiment has begun to turn neutral, as shown in the funding rates for major cryptocurrencies in the attached chart.
ChainThink Note: Funding rates are fees set by cryptocurrency trading platforms to maintain alignment between contract prices and the prices of underlying assets, typically applicable to perpetual contracts. They serve as a mechanism for exchanging funds between long and short traders; the platform does not collect these fees, but rather uses them to adjust traders’ costs or returns on holding contracts, ensuring that contract prices remain close to those of the underlying assets.
A funding rate of 0.01% represents the baseline rate. When the funding rate exceeds 0.01%, it indicates that the market is generally bullish. When the funding rate is below 0.005%, it indicates that the market is generally bearish.