Is the market sentiment still bearish after Bitcoin's rebound? Funding rate data reveals the truth

【Blockchain Rhythm】 Recently, Bitcoin’s price movement has attracted much attention. On January 22nd early morning, Bitcoin fell below $88,000, but quickly rebounded above $90,000 following positive news about a certain country’s leader’s tariff stance. However, this rebound seems to lack momentum.

From the perspective of funding rates, the sentiment in the perpetual contract markets on mainstream exchanges has not shifted to bullish with the price rebound. Data from CEX and DEX funding rates show that the overall sentiment remains bearish. Interestingly, the market’s bearish sentiment towards major coins like SOL and BCH is quite strong.

Here is a brief explanation of the funding rate concept. It is a fee set by trading platforms to keep the price of perpetual contracts aligned with the spot price. Essentially, it is a mechanism for transferring funds between long and short traders—platforms do not take a cut, and the fee is solely used to adjust traders’ position costs or profits. When the funding rate exceeds 0.01%, it indicates a generally bullish market; when it is below 0.005%, it indicates a generally bearish market.

From this indicator, in the short term, the bearish sentiment for major coins still dominates. Market participants seem to be observing cautiously, with a clear sense of prudence.