Bybt data shows that funding rates for perpetual Bitcoin futures across major derivatives exchanges remain in negative territory.
This highlights a surprising lack of bullishness in the market in spite of the cryptocurrency's recent run to yet another all-time high.
Futures traders show little enthusiasm
Santa Claus surely did not forget to put some sats in Christmas stockings given that Bitcoin surged to a new high of $24,661 at 11:58 a.m. UTC on the Bitstamp exchange.
Futures traders, however, were not amused by the gift, with funding rates remaining mostly negative or flat across the board. Notably, both token-margined and stablecoin-margined contracts are in the red on Binance.
Funding rates are low or negative when the market is dominated by bearish sentiment. Traders who are shorting Bitcoin have to pay those who hold a long position. Conversely, bulls have to pay bears when funding is positive.
On a positive note, the fact that traders are not enthusiastic about the most recent run means that it is primarily dominated by spot traders. When the derivatives market becomes way too hot, overleveraged traders are tempted to close.
The market sees a sea of green
In the meantime, trading volumes have taken a precipitous 34 percent drop over the past 24 hours as traders are busy celebrating Christmas with their families.
The market has seemingly cooled off after the SEC lawsuit against Ripple made XRP lose more than half of its market cap in one day, which also rippled into other altcoins. As reported by U.Today, the token saw a massive relief rally earlier today.
Overall, all the Top 10 cryptocurrencies are in the green right now, with many coins posting double-digit gains.