The short-term bearish sentiment is indeed loosening, but it's still far too early to say the market has turned bullish.

$BTC 62,963 is still declining gradually, and $ETH 1,702 hasn't stopped bleeding either. But the funding rate signals something different — the bearish momentum is waning.

While the price is moving downward, the funding rate is climbing toward neutral. This kind of divergence is usually called a bottoming attempt in the market; in plain terms, no one dares to act first, but no one dares to keep pushing down either.

The shorts are no longer chasing, the longs dare not take over, and they’re stuck there.

$ETH The sentiment recovery here is a bit faster than $BTC , with some platforms’ funding rates already back in the neutral zone. But it’s just a move from heavy pessimism to mild pessimism, far from a reversal.

The entire funding structure looks more like it’s catching its breath rather than preparing for a rally.

As the price drops and the funding rate stabilizes, this combination is quite interesting from a derivatives perspective. The profit margin for short positions is shrinking, and the safety margin for longs hasn’t appeared yet.

Both sides are uncomfortable in this market, which usually leads to only one outcome — waiting for a direction to emerge on its own.

I’m not in a rush to open a position myself right now. This kind of divergence structure is prone to false signals; whoever acts first will get hit first.

Back to the chart, $BTC is still holding around 63k, and $ETH hasn’t reclaimed the key level either. Market sentiment remains detached, and funds are not following.

To turn bullish, we need to see the main players entering the market first.

It also reminds me of another thing: the Strategy preferred stock STRC fell below $89, hitting the lowest since its IPO, with an effective yield soaring to 12.9%.

The company responded that selling $BTC could pay 32 years of dividends — once that was said, the market reacted very directly, and the holding logic started to be questioned.

Previously, it was said that $BTC was a strategic reserve and wouldn’t be sold, but now they’re willing to sell to pay interest. This loosening of the narrative is a bit of a drag on confidence in the market’s funding situation. #我的Gate交易时刻 #预测世界杯巴西VS海地 #沃什首秀美联储利率不变