Q1 2023 also saw an uptick in NFT trading volumes. The metric rose from $2.1 billion in Q4 2022, to $4.5 billion in Q1 2023. It was interesting to note that the majority of NFT trading volume came fromtried to make sense of the ongoing crypto environment. A comparison of social metrics and funding rates was done, which showed that the two were showcasing contrasting stories.
It looked as if traders have become less optimistic toward top crypto assets after Q1. The data showed that weighted sentiment towards coins like BTC, ETH, XRP, and BNB took a plunge in April.Another set of data further found that long bets were dominant in the current market structure. None of the top market cap assets showed signs of a negative funding rate when accounting for average rates across Binance, Bitmex, DyDx, and Deribit.