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XRP funding rates on Binance have stayed negative for nearly three months, even as the token posted a 27% gain during the same period. The divergence between derivatives sentiment and spot price comes amid a broader crypto correction and a partial rebound in altcoin market capitalization.
The Total3 index, which tracks the crypto market cap excluding Bitcoin, Ethereum, and stablecoins, shed more than $544 billion during the recent correction. Altcoins were the first sector to face pressure as global market sentiment turned uncertain.
Since early February, capital has begun moving back into the altcoin space. Over that period, the Total3 index has recovered roughly $125 billion, suggesting a gradual return of risk appetite among crypto traders and investors.
Despite the recovery, sentiment has not fully flipped. A large portion of the market continues to bet against the upward move, creating a disconnect between price action and trader positioning.
Analyst Darkfost highlighted that the bearish positioning is especially visible on Binance. Funding rates for XRP have stayed negative for close to three months, marking the longest and most negative stretch in recent history for the token.
“During this correction, driven by an uncertain global backdrop, the altcoin sector was the first to suffer the consequences. As a result, the Total3 index, which represents the crypto market cap excluding Bitcoin, Ethereum, and stablecoins, lost more than $544B.”
Darkfost aggregated XRP funding rates over a 30-day period to reflect prevailing derivatives sentiment. The data shows a persistent bearish bias even as XRP climbed 27% during the same timeframe. The analyst notes that this type of divergence between price and sentiment is rare and often meaningful.
Darkfost also referenced historical behavior: when a strong bearish consensus forms after a correction of more than 60%, a reversal may follow.
A similar setup developed in April 2025, when XRP traded around $1.25. A bullish recovery followed, eventually driving a 126% advance from that level. The pattern is linked to crowded short positions, which can contribute to sharp recoveries as bearish traders get squeezed and buying pressure accelerates.
As of writing, XRP trades around $1.41, still well below its previous cycle highs. With negative funding rates persisting alongside a recovering Total3 index, the situation is framed as one for traders to monitor closely.
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