The crypto market is rebounding, but the derivatives market continues to emit bearish signals. Although BTC and ETH have moved away from their weekly lows, negative CVD and bearish positions have not subsided. This round of recovery looks more like a short-term pulse of short covering rather than a trend reversal.

The derivatives market often leads the spot market. When a rebound fails to turn funding rates positive and improve position structures, every rise could become a new window for shorting. The current market sentiment is split: spot rebound coexists with bearish futures, and traders need to be wary of fake breakout traps.
If macro data (such as core PCE) unexpectedly weakens, it may trigger a brief rebound, but the derivatives structure remains unchanged, limiting the rebound's upside.
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