Funding rate data reveals market signals: mainstream tokens are dominated by short positions, with a strong sense of wait-and-see.

[Block Rhythm] Market Observation on November 30: According to the latest data from Coinglass, the current funding rates of mainstream exchanges and decentralized trading platforms are generally low, and market sentiment remains cautious.

From the data, the funding rates of several mainstream cryptocurrencies are below the benchmark line, indicating that there are more short positions than long positions. This rate is essentially the cost that both long and short parties pay to each other in perpetual contracts—not collected by the exchange, but rather a flow of funds between traders.

To put it simply, here's how to interpret this indicator: 0.01% is considered a neutral position, anything above this number indicates that the bulls have the advantage and the market is generally optimistic; anything below 0.005% signifies that the bears are stronger and there is a general lack of confidence in the short-term trend. The original intention of this mechanism is to adjust the holding costs so that the contract prices do not deviate too far from the spot prices.

The current level of the funding rate basically reflects that the market is still waiting for direction, and the sentiment of wait-and-see is relatively strong.