It isn’t a secret that the cryptocurrency market has been on a tear. Bitcoin (BTC), Ethereum (ETH), and many other crypto assets are right under their year-to-date highs, and look poised to break into a decidedly bullish cycle.
However, an astute observer, who goes by “Rptr45” on Twitter, suggests that the market may consolidate. The statistician looks to the fact that the daily funding rate on BitMEX, which is the percentage that investors pay on certain trades, has reached 0.34% for Ethereum traders. This is reportedly in the 93rd percentile of all Ethereum funding rates ever.