Victory Securities: Funding Rates Show Contract Market Bears Are Better

Zhou Lele, deputy chief operating officer of Victory Securities, said that Funding rates (reflecting the interest rate paid by bulls to bears) were negative, indicating that the shorts in the contract market were more successful; while the thin spot depth showed obvious downward resistance. The divergence between futures and spot may indicate that short-term bear sentiment dominates the market, but there is a market backing force at a certain price point. According to the on-chain data, virtual assets were transferred out in large quantities, and the giant whale may have accumulated chips at this time. Last Monday, 273,000 Ethereum (cost about $2,500) was raised to the chain, equivalent to about $68 million; on Friday, 44,000 Bitcoin (cost about $59,500) was raised to the chain.