ETH Price Hits Record High, But Market Sentiment Remains Surprisingly 'Calm'?

Ethereum surged to an all-time high this morning, but interestingly, the funding rates for perpetual contracts on major exchanges did not follow suit and remained generally at neutral levels.

This indicates that despite the significant price increase, there has not been a one-sided bullish sentiment among both long and short positions in the contract market; the overall market remains relatively rational and calm, without excessive euphoria.

In simple terms, the funding rate acts like a 'balancer' between the long and short sides. A positive and high rate indicates that most people are going long; a negative rate suggests that there are more short sellers. The current neutral state reflects that the market is in a relatively cautious and wait-and-see mode.