Current mainstream CEX and DEX funding rates indicate a significant market shift towards bearish sentiment
May 21: According to Coinglass data, even as Bitcoin posted a minor price gain, current funding rates across major centralized (CEXs) and decentralized exchanges (DEXs) point to a distinct bearish shift in the market. Specific funding rate figures are laid out in the chart below.
BlockBeats Note: The funding rate is a fee set by crypto exchanges to keep perpetual contract prices aligned with the price of their underlying asset. It serves as a payment mechanism between long and short traders—exchanges do not pocket this fee. The rate adjusts to balance the costs and profits of traders holding open contracts, ensuring contract prices stay tightly correlated to the underlying asset’s market value.
For context: A funding rate of 0.01% is the baseline threshold. Rates above 0.01% typically signal bullish market sentiment, while rates below 0.005% generally indicate bearish conditions.
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The South Korean KOSPI index extended its gains to 7%, with SK Hynix surging 11%.
May 21: Per Bitget market data, South Korea’s KOSPI index extended its gains to 7% in the trading session. SK Hynix surged 11%, Samsung Electronics climbed 6%, and LG Electronics rallied a sharp 24%.
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Base Protocol's native token NOOK has surpassed a $8 million market capitalization, with a 77% price increase in the last 24 hours.
On May 21st, GMGN monitoring shows that the Base ecosystem token NOOK (nookplot) saw a sharp jump in market capitalization this morning, hitting a new high of $8.6 million and currently trading at $7.5 million. The token has surged 77% over the past 24 hours, with a trading volume of $1.7 million. The project is reported to be a P2P protocol for an AI agent network.
BlockBeats reminds users that on-chain transactions are highly volatile, often driven by market sentiment and concept-based speculative trading. Investors should be aware of the associated risks.
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CryptoQuant: Bitcoin's Current Trend Could Mirror the Bear Market Phase in March 2022
On May 21, CryptoQuant’s Research Lead Julio Moreno stated that Bitcoin’s current trajectory is mirroring the bear market pattern seen in March 2022. BTC recently rallied to nearly $82,400—approaching its 200-day moving average (MA)—before hitting resistance and falling back to roughly $76,000.
Moreno noted that back in March 2022, Bitcoin also bounced about 43% from a low to test the 200-day MA, then reversed into a downtrend. This cycle, since the April 2026 low, BTC has risen ~37% and run into the same key resistance level.
During bear markets, the 200-day MA has long served as a line in the sand between short-lived rebound rallies and sustained downtrend continuation. If price fails to break this level convincingly, it often signals the bear market structure remains firmly intact—one of the most prominent technical bearish indicators. Compounding that, Bitcoin demand has tipped negative again: The perpetual contract speculative demand that fueled gains from April to May slowed sh
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Crypto Fear & Greed Index Rises to 29, Market Sentiment Remains "Fear"
May 21: According to Alternative Data, today’s cryptocurrency Fear & Greed Index stands at 29, up from yesterday’s reading of 27—meaning the market remains entrenched in the "Fear" sentiment zone.
Quick context: The Fear & Greed Index runs on a 0-to-100 scale, with its score calculated from six weighted metrics: Volatility (25%), Market Trading Volume (25%), Social Media Hype (15%), Market Surveys (15%), Bitcoin’s Dominance (10%), and Google Trends Analysis (10%).
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Morgan Stanley: AI M&A Wave Presents "Full Spectrum" Development Trend
May 21: Morgan Stanley’s Global Head of Technology M&A, Wally Cheng, said that as companies scramble to fill critical tech gaps in areas like semiconductors, power, networking, and infrastructure, artificial intelligence-focused mergers and acquisitions are spanning all deal sizes and expanding into a wide range of industries.
Cheng noted, “I anticipate deal activity will cover the full spectrum, including both private and public companies.” While semiconductors—the chips that power AI computing—are highly valued as cutting-edge technological marvels, the broader ecosystem around these chips also holds massive potential, covering areas such as networking, storage, power, and real estate. Valuing the AI sector remains extremely challenging, he added, as it requires balancing hype-driven unicorns with seemingly boundless prospects against real-world implementation risks.
Tammy Kiely, Senior Managing Director of Evercore’s Technology Investment Banking division, echoed this view. Sh
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