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According to BlockBeats, data from Coinglass indicates that the current funding rates on major centralized and decentralized exchanges suggest a bearish market sentiment. The funding rates for key cryptocurrencies are detailed in the accompanying data.Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of underlying assets, typically applied to perpetual contracts. This mechanism facilitates the exchange of funds between long and short traders, without the platform charging this fee, to adjust the cost or profit of holding contracts, ensuring that contract prices remain close to the asset prices.A funding rate of 0.01% is considered the baseline rate. When the funding rate exceeds 0.01%, it indicates a generally bullish market sentiment. Conversely, when the funding rate falls below 0.005%, it reflects a bearish market outlook.

According to BlockBeats, Cryptoquant analyst Crypto Dan has highlighted distinct features in the current 2024-2025 cryptocurrency bull market cycle compared to those in 2017 and 2021. The analysis indicates a phenomenon of 'artificial market suppression' following strong surges, potentially implemented by major market players to prolong the bull market.

Unlike the 7-8 month adjustment period in the mid-2017 cycle and the year-long adjustment due to the COVID-19 pandemic in early 2021, the current cycle experienced sharp corrections after two significant upswings. These occurred from March to November 2024 and January to April 2025, during which altcoins underperformed and market sentiment was notably affected.

The analysis suggests that this bull market cycle is expected to conclude with an exuberant phase marked by a significant bubble.