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Altcoin market sentiment has entered bullish territory, according to Glassnode. The firm said about 85% of all altcoin futures pairs are posting funding rates above their baseline level, marking the highest reading since Bitcoin traded at an all-time high. Glassnode added that if the market has entered “alt season,” the pattern could persist for several weeks, although excessively high funding rates also point to crowded long positioning and a greater risk of a pullback.