Major CEX and DEX funding rates signal persistent bearish sentiment as Bitcoin climbs above $69,000

Coinglass data show funding rates on major CEXs and DEXs continue to reflect broadly bearish sentiment even as Bitcoin rebounded above $69,000 on March 9, ChainThink reports. Funding rates are fees used by cryptocurrency trading platforms' perpetual contracts to keep contract prices aligned with underlying asset prices through transfers between long and short traders, with the platform itself not retaining these fees. A 0.01% funding rate is considered the baseline level, readings above 0.01% signal a generally bullish market, while levels below 0.005% indicate a broadly bearish market.