The entire crypto market is declining, funding rates indicate market sentiment remains subdued, and bearish sentiment toward ETH is significantly stronger than BTC.

BlockBeats news, May 28, according to data from a certain exchange, Bitcoin is currently quoted at $73,524.15, down 3.13% in the last 24 hours; Ethereum is currently quoted at $1,994.33, down 4.20% in the last 24 hours, with ETH breaking below the $2,000 integer mark during the day. The current major CEX funding rates show that both BTC and ETH are generally in a bearish range, with weak long sentiment and continued sluggish market mood.

For BTC, overall, the funding rates on various platforms are generally below the 0.01% benchmark, with no obvious bullish signals. For ETH, the bearish pattern is even more pronounced. The overall ETH funding rates are all below the 0.005% threshold, with short-side pressure even more evident than BTC.

BlockBeats note: Funding rates are the rates set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of underlying assets, usually applied to perpetual contracts. It is a funding exchange mechanism between long and short traders; the trading platform does not charge this fee. It is used to adjust the cost or income of traders holding contracts so that the contract price stays close to the price of the underlying asset.

When the funding rate is 0.01%, it represents the benchmark rate. When the funding rate is greater than 0.01%, it indicates a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally bearish market.