Bitcoin has reached new all-time highs, trading above $108,000 with 100% of its supply in profit. Despite this surge, funding rates across most cryptocurrency exchanges remain at or below baseline levels, indicating a lack of speculative frenzy. Current funding rates are significantly lower than those seen in 2024, being six times lower than the first quarter and three times lower than the fourth quarter of that year. This subdued funding rate environment suggests a healthy bull market with limited retail interest and minimal media hype. Among the top 10 cryptocurrencies, only XRP and Dogecoin (DOGE) exhibit funding rates slightly above neutral, while Bitcoin's funding rate remains muted at 0.0079%. Overall, the data points to a cautious but steady upward momentum in the crypto market.