$BTC hit a new all-time high on May 21, with prices rising to $111,860 on Binance on May 22, but the markets lack the state of frenzy associated with new highs. Economist and crypto commentator Alex Krüger noted that “this is the least euphoric new all-time highs” for Bitcoin, after highlighting subdued funding rates for Bitcoin across crypto exchanges.

The chart illustrates that the current $BTC funding rate is significantly below previous market highs observed during March and November 2024. The funding rate was six times higher in Q1 and three times higher in Q4 last year.

These low rates indicate minimal speculative activity in the futures market, with the rally driven by spot buyers rather than leveraged traders, reducing the risk of over-leveraged corrections.