The crypto market experiences a widespread crash, with the funding rate indicating overall bearish sentiment. ETH displays a more severe bearish sentiment compared to BTC.

June 6, per HTX market data, Bitcoin is currently trading at $59,769.84, marking a 5.20% 24-hour decline that pushed it below the $60,000 threshold. Ethereum stands at $1,524.44, down 11.87% over the same period. Data from leading centralized exchanges (CEX) shows both BTC and ETH have firmly entered bearish territory, with Ethereum’s negative funding rate depth expanding far more sharply than Bitcoin’s. On the BTC side, funding rates across all platforms are below 0.005%, signaling a broad bearish trend and near-total absence of bullish momentum. For ETH, bearish signals are even more prominent: funding rates on every platform have turned negative, meaning short positions are paying substantial fees to long holders—clear proof of stronger bearish sentiment compared to Bitcoin. BlockBeats Note: Funding rates are exchange mechanisms for perpetual contracts, designed to align contract prices with their underlying asset values. This is a fund exchange between long and short traders (exchanges do not collect these fees), used to adjust costs or profits for contract holders to keep contract prices close to the underlying asset’s price. The baseline funding rate is 0.01%: rates above this level typically indicate a bullish market, while rates below 0.005% generally signal a bearish market.