From Bitcoin Intelligence Report 21: Perpetuals Heating Up The current surge in perpetual market activity isn’t confined to Bitcoin alone. A growing number of top crypto assets are now exhibiting elevated funding rates exceeding 15% APR, reflecting a broad-based appetite for leveraged long exposure. This widespread rise in funding rates indicates that speculative sentiment has followed price action, with traders across the market chasing the rally with high conviction. This type of regime, where funding remains elevated across majors, is a hallmark of a heated, futures-driven environment, and can persist for extended periods. A recent comparable phase occurred between November and late December 2024, lasting roughly seven weeks before momentum faded. From the broader perpetual market perspective, there is still room for this rally to extend, provided there is no sudden, devastating negative external factor. As long as fresh demand, stable funding, and risk-on sentiment hold steady, this leverage-driven trend can remain intact. Subscription link in my bio.(Sina 🗝️⚡ 21st Capital)