Glassnode says altcoin optimism grows as funding rates rise

Investor sentiment in the altcoin market has turned optimistic, according to Glassnode. Around 85% of all altcoin futures pairs are posting funding rates above their baseline levels, which Glassnode said marks the highest reading since Bitcoin traded at an all-time high. If the market has entered an altseason, the trend could persist for several weeks, although excessively high funding rates could also increase the risk of a correction by signaling crowded long positioning.