The bearish sentiment is loosening, but it's not quite bullish yet.

Bitcoin and Ethereum prices are still declining, but the funding rates reveal a slightly different signal — the bearish trend is weakening.
On the BTC side, funding rates across platforms have generally turned positive, but most are still below the baseline.
Overall, the structure is neutral to slightly weak; the bulls have some momentum, but haven't collectively broken above the baseline, and their strength is limited.
ETH sentiment is slightly stronger than BTC. Most mainstream platforms' ETH funding rates have already surpassed the 0.005% threshold, placing it in the neutral zone, with a faster recovery of bullish sentiment compared to BTC.
But it must be clarified: this is just "not as bearish," far from "bullish."
Neither side has formed an effective bullish signal; the funding rate structure looks more like a slow climb back to neutrality from pessimism, rather than real bullish entry.
Prices are falling, funding rates are easing — this divergence often indicates the market is building a bottom and testing support, but no one dares to act first.
ETH is slightly warmer, worth paying more attention to, but it's not the time to draw conclusions yet.