In a recent analysis by asset management powerhouse VanEck, key indicators reveal a burgeoning upward trend in the cryptocurrency market. As of November 23rd, VanEck’s report highlights that the current rebound phase appears to be gaining momentum. The analysis focuses on three pivotal metrics: funding rates, Relative Unrealized Profit (RUP), and retail investment interest. Notably, the perpetual futures funding rate has consistently exceeded 10% since November 12th, reflecting a robust bullish sentiment among traders.
Furthermore, the 30-day moving average of the Relative Unrealized Profit is approximately 0.54, which traditionally suggests that the market could achieve peaks over an extended period. Interestingly, the popularity of related search terms has only reached 34% of the peak observed in May 2021. This indicates that the current market lacks the speculative frenzy seen in previous rallies. As retail investors begin to re-engage, there may be significant potential for further advancements in Bitcoin and other cryptocurrencies.