BlockBeats news: On March 16, according to Coinglass data, the crypto market continued its rebound from last week and accelerated upward. As of this writing, Bitcoin briefly surged above $74,000 and is currently trading at $73,633.85. Ethereum is trading at $2,236.33, with a 24-hour gain of 6.8%.
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.
BlockBeats 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 the exchange of funds between long and short traders; the platform does not collect these fees, but they help adjust traders’ costs or returns to keep contract prices 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 widespread market bullishness. When the funding rate falls below 0.005%, it indicates widespread market bearishness.