Bitcoin rebounds to $77,000. Funding rates are approaching bullish territory, but a CryptoQuant analyst warns that structural bullish momentum has disappeared.

Over the past week, the funding rates of BTC and ETH have recovered from negative levels to neutral, slightly bullish territory. ETH is even closer to the 0.01% bullish benchmark. This usually means sentiment in the perpetual contracts market is warming up, and short-term traders are starting to bet on an upside move.
However, what truly needs caution is that the Impulse indicator has not yet returned above the zero line, and ETF capital inflow momentum has crashed from a peak of $13.2 billion to $360 million. Macro factors—DXY, U.S. Treasury yields, and VIX—are taking over the market again, and even if on-chain data is strong, it may temporarily lose effectiveness.
A rebound in funding rates is a short-term sentiment repair, not a trend reversal. If the Coinbase premium index turns negative again, a rally without U.S. purchasing power will be difficult to sustain.
Tomorrow is Memorial Day. U.S. stock markets are closed, and liquidity is thin. Whether the rebound can hold depends on whether macro risk appetite can truly return, rather than on crowded longs in the derivatives market.
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