Glassnode said the altcoin market has entered an optimistic phase, with 85% of altcoins now showing funding rates above their respective average levels. According to the firm, this marks the highest reading for the indicator since BTC was previously at historic highs. Glassnode also noted that during altcoin rallies, this type of funding-rate setup can remain in place for several weeks. The update points to a broad shift in derivatives positioning across the altcoin market, based on how current funding levels compare with each asset’s own historical average. While the note did not provide additional price targets or market forecasts, it described the present backdrop as one of stronger optimism in altcoins than seen in earlier periods since BTC’s previous peak zone.
Glassnode said the altcoin market has entered an optimistic phase, with 85% of altcoins posting funding rates above their respective average levels.
According to Glassnode, that is the highest level for the indicator since BTC was previously at historic highs. The firm added that during altcoin rallies, this funding-rate condition can persist for several weeks.
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