According to BlockBeats, on July 5th, data from Coinglass shows that current funding rates on major CEXs and DEXs indicate a slight weakening of the bearish trend for BTC and ETH compared to before, but most platforms have not yet formed a sustained bullish signal. Specifically, BTC funding rates are around the 0.0100% baseline on multiple platforms, showing an overall neutral to weak trend. For ETH, funding rates on multiple platforms have exceeded the 0.005% threshold, indicating a slightly stronger recovery in bullish sentiment for ETH than for BTC, but a comprehensive bullish signal has not yet formed.

BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain a balance between contract prices and the price of the underlying asset, typically applicable to perpetual contracts. It is a mechanism for exchanging funds between long and short traders; the trading platform does not charge this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the price of the underlying asset.

A funding rate of 0.01% represents the benchmark rate. A funding rate greater than 0.01% indicates a generally bullish market sentiment. A funding rate less than 0.005% indicates a generally bearish market sentiment.

According to BlockBeats, on July 5th, data from Polymarket showed that the probability of the CLARITY Act being signed into law in 2026 rose to 52%, an increase of 12 percentage points from July 3rd.

In terms of news, the Major County Sheriffs Association (MCSA) stated that it no longer opposes the Clarity Act after initially expressing concerns about how the bill would affect investigations into illicit finance. Analysts believe that the MCSA's change of stance reduces a key obstacle in the Clarity Act's progress, increasing its likelihood of reaching the Senate vote. However, opposition from the banking industry to stablecoin yield products and DeFi regulation remains a major uncertainty.