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U.Today - The recent crypto market rally that saw Bitcoin (BTC) surpass historic highs has slowed down as market participants move with skepticism. Latest data from Glassnode has revealed a flat funding trend across the broad crypto market.
Bitcoin holders on pause?
The massive Bitcoin-led market rally has put all BTC holders in moments of celebration, as the data source revealed that 100% of Bitcoin’s circulating supply has remained in profit after the leading cryptocurrency surpassed the $108,000 mark, but there’s a surprising shift which has raised concerns among investors.Despite the bullish momentum, data shows that the funding rates across the broad crypto ecosystem have remained muted. Bitcoin’s funding rate has failed to rise, sitting around a neutral level at 0.0079%.
This unusual pattern has caught investors’ attention and has received mixed reactions as the market seems to be facing price uncertainty amid macroeconomic pressures.
While Bitcoin’s low funding rate suggests that buyers have become skeptical amid reduced optimism, this has seen investors in doubt as to whether there is a larger bull run ahead or not.
XRP and DOGE fuel optimism
While the flat funding rate extended across the broad crypto market, the data shows that only XRP and Dogecoin saw their funding rate above neutral levels among the top 10 leading cryptocurrencies by market capitalization.XRP and DOGE saw their funding rates reach a slightly positive level at 0.0101% and 0.0104%, respectively. Although the coins have barely surged above neutral levels, they have proven stronger than Bitcoin and other major altcoins like Ethereum.
This unexpected shift in sentiments suggests that crypto users are more interested in buying XRP and DOGE at this point, even though Bitcoin has projected gains for all its holders.
Although the majority of DOGE and XRP holders are in profit, the assets do not stand with Bitcoin in this metric. Unlike Bitcoin, out of the total XRP in circulating supply, 92.8% of the tokens are in profits. DOGE, on the other hand, appears weaker as only 81.1% of the total DOGE in circulation are in profits.
Despite recent gains, the crypto market has experienced an unexpected bloodbath today, with Bitcoin, XRP, and DOGE decreasing by 1.85%, 2.54%, and 2.89% respectively, over the last day.