On March 1, the U.S. launched a military strike against Iran in response to a recent provocation. The market initially dipped, with Bitcoin falling as low as $63,000. As U.S. operations progressed, the market rebounded overall. At press time, Bitcoin briefly topped $68,000, while Ethereum climbed back above $2,000. Notably, Coinglass data shows that after a “dip before rally” during this conflict, bearish sentiment has eased somewhat. Funding rates for mainstream crypto pairs (including altcoins) have collectively returned to neutral territory, with specific rates detailed in the accompanying chart. BlockBeats Note: Funding rates are fees set by crypto exchanges to keep contract prices aligned with underlying asset prices (primarily for perpetual contracts). They facilitate fund exchanges between long and short traders — exchanges do not charge this fee; it adjusts the cost or profit of traders holding positions to narrow the gap between contract and underlying prices. A 0.01% funding rate is the baseline. Rates above 0.01% signal bullish sentiment; rates below 0.005% indicate bearish sentiment.
