Recently, I took a look at BTC's funding rate data and found that market sentiment is quite interesting.

According to Coinglass data, the average 8-hour funding rate across the entire network is only 0.002%, basically hovering at the floor. Looking at specific platforms: a leading exchange A is at 0.0042%, exchange B is at 0.0054%, and exchange C is at 0.0026%.

What does this low funding rate status indicate? First, both longs and shorts are pretty calm right now, and not many people are in a hurry to bet on a direction. Second, the willingness to use leverage has clearly dropped, and market enthusiasm isn’t high. Most importantly, in the short term, most people really can’t tell which way the price will go.

In short, it’s a wait-and-see period. Either people are waiting for some news, or they’re gearing up for a big move.