I saw that Bitcoin and altcoins had a strong jump today after the opening of the American market, but something curious is happening behind the scenes. I looked at the funding data on the main CEX and DEX and the story they tell is quite different from this upward movement.

The funding rates are indicating that the market still has a generally bearish stance. For those who don’t follow, these rates work like this: when they are above 0.01%, it means most traders are buying; when they drop below 0.005%, the market is more pessimistic. And that’s exactly what we’re seeing now.

It’s like that moment when the price rises but no one really believes it. The funding data from the CEXs show that even with this recovery, large traders are still cautious. It makes sense to pay attention to this kind of divergence between the price movement and what the funding rates indicate. It could be a sign that this rally is more fragile than it appears.