An important metric called eternal financing rates signalizes bullishness for top altcoins like Bitcoin
The traditionally weak third quarter starts with a flat price action.
Financing rates charged by exchanges every eight hours, see the cost of keeping bullish long or bearish short positions in the eternal (perps) Futures (Without Expired).
A positive financing rate indicates that Perps is trading with a prize at the spot price, which requires a payment from Longs to shorts to maintain bullish bets. Therefore, positive rates are interpreted as representing bullish mood, while negative rates suggest otherwise.
From writing, perps tied to payments-focused token XRP
The world’s fourth largest digital asset by market value, had an annual financing rate of almost 11%, the highest among the top 10 tokens, according to Data Source Velo. Financing rates for Trx and Dogecoin were 10% and 8.4% respectively, while the rates for market leaders Bitcoin and Ether were marginally positive.
In other words, the XRP market demonstrated the strongest demand for geared bullish exposure among other major cryptocurrencies, including BTC and ether
. It is in line with Spike in Bullish Sentiment for XRP last week, despite the settlement between Ripple and SEC that stopped, as noted by Santiment.
Privacy -focused Monero
stood among the tokens in addition to the top 10 list with a financing rate of over 23%, while Stellar’s XLM -Token signaled a strong bias for bearish efforts with a financing rate of 24%.
Seasonally weak neighborhood
Historically, the third quarter has been a weak period for Bitcoin with data indicating an average gain of 5.57% since 2013, according to Coinglass. It is a long shout compared to the average gain of the fourth quarter of 85%.
BTC’s spot price remained flat for about $ 107,000 at the press time and offers no clear directional bias. Valuation has been largely between $ 100,000 and $ 110,000 for nearly 50 days, with the sale of long -term holder wallets counteracting persistent influx to the US -built spot exchange traded funds (ETFS).
However, some analysts expect that a significant step will soon occur, with all eyes on the Fed -Chairman Jerome Powell’s speech on Tuesday and the release of non -yard wages on Friday.
