Glassnode data shows that the hourly funding rate for mainstream cryptocurrencies (BTC, ETH, SOL, XRP, DOGE) has not yet returned to the levels seen during the bull market from November to early December last year, indicating a lack of strong buying demand in the market. Looking at the 168-hour moving average funding rate, all mainstream assets, especially Bitcoin, showed positive momentum at the beginning of last week.

In contrast, Solana has been in a downward funding rate channel since December last year. This data indicates that although the overall market valuation is high, investors' willingness to buy has significantly weakened, and market sentiment is becoming cautious.