On February 20, according to Coinglass data, Bitcoin remains in a range-bound oscillation, and the current mainstream CEX and DEX funding rates indicate that the market is once again broadly bearish.

Funding rates are rates set by cryptocurrency trading platforms to maintain the balance between the contract price and the underlying asset price, usually applicable to perpetual contracts. It is a fund exchange mechanism between long and short traders; the trading platform does not charge this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it indicates the baseline rate. When the funding rate is greater than 0.01%, it represents a generally bullish market. When the funding rate is less than 0.005%, it represents a generally bearish market.