Currently, mainstream CEX and DEX funding rate displays indicate that the market is once again attempting the 'Elon Musk Short.'

BlockBeats News, January 15th, according to Coinglass data, after a recent pullback in the crypto market, it fully returned to a neutral state yesterday. However, with Bitcoin reclaiming the key level of $97,000, the current funding rates on mainstream CEXs and DEXs indicate that the market is attempting a "topping short." The BTC funding rate on major platforms has flipped bearish, and altcoins have once again experienced negative funding rates. The specific funding rates for major coins are shown in the attached image.

BlockBeats Note: Funding rates are rates set by cryptocurrency exchanges to maintain balance between the contract price and the underlying asset price, usually applicable to perpetual contracts. It is a mechanism for fund exchanges between long and short traders, and the trading platform does not charge this fee. It is used to adjust the cost or profit of holding a contract by traders to keep the contract price close to the underlying asset price.

When the funding rate is 0.01%, it represents the baseline 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.