Bitcoin Stuck Below $80K as Ethereum Funding Rates Hit One-Year High
Bitcoin (BTC) continues to struggle below $80,000 as investors cash out profits. According to CryptoQuant analyst XWIN Japan, nearly every investor group has returned to profit, which is why Bitcoin keeps rejecting at this level.
The on-chain data shows unrealized PnL indicators of 21.1 for long-term holders, 13.4 for short-term holders, and 5.3 for the newest investors, meaning more holders now have profits available to take off the table.
Meanwhile, Ethereum (ETH) funding rates on Binance have hit a one-year high at approximately 0.01, coinciding with ETH trading near $2,400. A positive funding rate means long holders pay fees to short holders, and the higher the rate, the greater the conviction that longs are willing to pay to maintain upside exposure.
CryptoQuant analyst ArabxChain wrote that Ethereum's surge reflects a clear shift in derivatives sentiment toward long positions, reinforcing the spot rally driven by improved risk appetite and returning ETF flows into Ethereum products.