BlockBeats News, August 23rd, according to CoinGlass data, the BTC open interest and volume-weighted funding rates are 0.0097% and 0.0091% respectively, both in the neutral range; ETH's two funding rates are 0.0111% and 0.0123% respectively, both higher than the 0.01% baseline rate, entering the long bias range. Despite ETH experiencing a greater spot price drop, its contract market long sentiment is still significantly stronger than BTC's.

BlockBeats Note: Funding rates are rates set by cryptocurrency trading platforms to keep the perpetual contract price balanced with the underlying asset price, serving as a mechanism for fund transfers between long and short traders. When the funding rate is 0.01%, it represents the baseline rate; above 0.01% indicates a generally bullish market sentiment, while below 0.005% indicates a generally bearish market sentiment.