Take a quick look at the data from January 5th. The recent market has experienced a rebound, but from the perspective of funding rates, the current situation is quite interesting——Data from both CEX and DEX mainstream exchanges are telling the same story: retail and institutional enthusiasm for altcoins has significantly cooled down, almost entirely in a bearish stance. Bitcoin remains lukewarm, maintaining a neutral funding rate, with no particular bullish or bearish pressure.

This situation actually reflects a subtle shift in the current market: people's attitude towards blue-chip coins (especially BTC) remains relatively rational, but participation in smaller coins is indeed loosening. Changes in funding rates often reflect market sentiment, and the current signal is that fewer people are chasing high-altitude altcoins in the short term. If you're making decisions based on these data, this reference value is quite high.