Kaiko: BTC and ETH short-term funding rates are low, and investors are trying to find a clear direction

Odaily Planet Daily News Crypto research company Kaiko pointed out in its latest report that cryptocurrencies are in a tricky situation. Bitcoin and Ethereum short-term funding rates (usually used as an indicator of market sentiment) are low, indicating that investors are struggling to find a clear direction. At the same time, the end-of-month option expiration shows a balance, which means that traders are betting that volatility will be short-lived, and the wave of liquidations in the derivatives market has also exacerbated volatility. The open interest of Bitcoin and Ethereum on mainstream CEXs fell by 4% and 12% respectively last weekend. Since December last year, South Korea's cryptocurrency trading volume has fallen sharply, and altcoins led by XRP and DOGE continued to face strong selling pressure throughout January. Taking Upbit as an example, large DOGE orders dominate the high price range, which may indicate that large traders or whales are leading the sell-off and may be taking profits. XRP is the most actively traded asset on Upbit in January, with a cumulative trading volume of approximately US$790 million, more than twice that of DOGE. In addition, most Meme tokens have lagged behind the broader market, but the frenzy is far from over, and major U.S. exchanges such as Coinbase are currently considering switching from an "allow list" to a "block list" strategy to more effectively manage the influx of Meme coins. But for Trump, investors never know what will happen. Kaiko analyst Adam McCarthy said: "He (Trump) is like a toddler who is testing his limits."