BlockBeats News, July 17th, according to HTX market data, Bitcoin is currently trading at $62,970.53, with a 24-hour decline of 1.76%; Ethereum is currently trading at $1,832.07, with a 24-hour decline of 2.81%.

Latest data from CoinGlass shows that the BTC funding rate and trading volume-weighted funding rate are 0.0041% and 0.0030% respectively. The ETH funding rates are both 0.0045%, all below the 0.005% bearish threshold. The overall market sentiment for BTC and ETH is clearly bearish, with ETH's weighted rate slightly higher, indicating a relatively stronger market sentiment than BTC.

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