The market has fallen again, but sentiment for BTC and ETH is diverging.

On BTC's side, funding rates across platforms are entirely in bearish territory — longs are almost collectively absent, and pessimistic sentiment prevails.
ETH is clearly different; funding rates on most platforms remain above the neutral range, and bullish sentiment is significantly stronger than BTC.
Both are falling, but the futures market's attitude toward the two has diverged. This divergence showed signs a few days ago and is more evident today: BTC is weaker, while ETH is holding up relatively better.
But don't misinterpret — ETH's "slightly stronger sentiment" does not mean a bullish signal is confirmed. It's just not as pessimistic as BTC, and prices are still falling. With Bitcoin losing the 62k level and the macro environment turning to guard against rate hikes, this slight divergence in funding rates reflects more the relative strength within the market than the start of a reversal.
Prices are falling, BTC funding rates are bearish, ETH is slightly warmer — this set of signals indicates that the market is still bottoming out, and no one has truly entered. ETH's relative resilience is worth watching, but it is far from the time to draw conclusions.