FET and other AI tokens are outperforming the wider crypto market this week, but is the rally purely driven by investors' earnings expectations for Nvidia?
Price breakouts have become rather short-lived in the crypto market recently, with the most recent case being Bitcoin’s (BTC) brief rally to $65,000 on Aug. 24.
According to data from Glassnode, traders have become more risk-averse and wary of using leverage to chase larger gains in the crypto market. In the Aug. 27 The Week Onchain Newsletter, the analysts explained that the “phenomenon” or reduced appetite for speculation and leverage is reflected by “a vast swathe of tokens now displaying a neutral funding rate,” suggesting that “spot markets are likely to be in the driver’s seat for the near term.”
Binance funding rate heatmap. Source: Glassnode
