Cryptocurrency Market Slightly Up, Funding Rate Indicates BTC and ETH Have Escaped Bearish Territory but Have Not Entered Widespread Bullish Territory

August 2nd, according to HTX market data, Bitcoin is currently trading at $63,563.03, with a 24-hour gain of 0.71%; Ethereum is currently trading at $1,878.80, with a 24-hour gain of 0.46%. The two largest crypto assets are rallying in sync, and the perpetual contract market sentiment has improved slightly.

According to the latest data from CoinGlass, the BTC open interest and trading volume-weighted funding rates are 0.0078% and 0.0079% respectively; ETH's rates are 0.0060% and 0.0054% respectively. Both have moved out of the bearish range but have not yet entered the widely bullish range. BTC's weighted funding rate is higher overall than ETH's, indicating relatively stronger bullish sentiment.

Note: Funding rates are rates set by cryptocurrency exchanges to keep perpetual contract prices in line with the underlying asset prices. It is a mechanism for fund exchanges between long and short traders, and the trading platform does not charge this fee. When the funding rate is 0.01%, it indicates a neutral rate; above 0.01% represents a generally bullish market, while below 0.005% represents a generally bearish market.