XRP, TRX, DOGE Show Strong Positive Funding Rates Amid Bitcoin’s Weak Quarter
A key indicator, perpetual funding rates, suggests bullish sentiment for major altcoins as bitcoin (BTC) shows flat price action in the weak third quarter.
- Funding rates reflect costs of maintaining long or short positions in perpetual futures.
- Positive funding rates indicate bullish sentiment; negative rates suggest bearish outlook.
- XRP leads with an annualized funding rate of nearly 11%, followed by TRX at 10% and DOGE at 8.4%.
- BTC and ETH have marginally positive funding rates.
- XMR shows a high funding rate over 23%, while XLM indicates strong bearish bias at 24%.
Seasonally Weak Quarter
- The third quarter historically averages a gain of 5.57% for BTC since 2013, compared to 85% in the fourth quarter.
- BTC's spot price is around $107,000, stuck between $100,000 and $110,000 for nearly 50 days.
- Long-term holders' selling offsets inflows into U.S.-listed ETFs.
- Upcoming events include Fed Chairman Jerome Powell's speech and nonfarm payroll data release.