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Glassnode Commented: Bitcoin, Ethereum, Solana, XRP, and Dogecoin Rates Are Falling - Coin Bulletin
According to the latest data from Glassnode, the hourly funding rates for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE), which are the largest assets in the crypto market, did not reach the levels seen in the rally from November to the beginning of December.
This situation indicates that the market is not in demand for an aggressive long position.
Glassnode, by analyzing the 168-hour moving average funding rates, stated that Bitcoin and other major assets showed positive momentum last week. However, it is emphasized that there has been a decreasing trend in Solana's (SOL) funding rates since December. This indicates that investors are increasingly moving away from long positions in Solana.
Large assets like Bitcoin and Ethereum are experiencing short-term recoveries in funding rates, but a strong increase in demand is considered necessary for these recoveries to turn into a sustained upward trend.
According to this Glassnode analysis, there is generally a cautious stance in the crypto market. The continuous decrease in funding rates of altcoins like Solana, in particular, indicates that the market is questioning its confidence in certain assets.