Recent data indicate a worsening sentiment in the cryptocurrency market, influenced by various negative factors.
How Funding Rates Impact the Crypto Market?
Data from Coinglass shows a consistent trend of negative or near-zero funding rates on centralized (CEX) and decentralized exchanges (DEX). Funding rates dropping below 0.005% are often interpreted as a bearish signal, indicating that short positions are dominant.
Analysis of Specific Assets
Specific assets show varied situations:
* ETH shows a funding rate of just 0.0066% on Bitget and -0.0031% on Vertex, indicating market indecision with a slightly bearish tilt. * SOL sees mixed results: 0.0100% on Bitget is bullish, but -0.0062% on Vertex reflects hesitation. * DOGE, a high-volatility asset, also shows variations in funding rates.
Current Conditions in the Cryptocurrency Market
Overall, the cryptocurrency market is under pressure from ongoing macroeconomic issues, negative derivative funding rates, and declining altcoin momentum. Bitcoin trades around $82,000, facing resistance at the 20-day EMA at $82,213. The altcoin market cap (excluding BTC) shows signs of a reversal to $1 trillion.
Under the current conditions, the cryptocurrency market faces bearish sentiment supported by negative funding rates across exchanges and volatility in key assets.
