These days, the US coin market is sending some interesting signals. Bitcoin has been moving around the 72k mark recently, and the market has been somewhat frustrating, with a brief test of 67k yesterday before bouncing back. Over the past few weeks, the weekly trend has been downward, but the rebound yesterday seems to have given it a bit of breathing room. Ethereum is showing similar movements.

Looking at the derivatives market, the sentiment seems somewhat more positive. The funding rate has shifted from neutral to positive, and institutional investors' 3-month futures basis has risen to around 3%. The decrease in open interest to $15.5 billion also suggests that excessive leverage is being unwound. However, in the options market, many traders still seem willing to pay premiums for short-term downside protection, indicating that anxiety hasn't completely disappeared.

An upcoming US inflation report could determine the short-term direction of the US coin market. If the CPI exceeds expectations, bond yields will rise, putting pressure on risk assets; if lower, the opposite could happen. Anyway, reaching 85k will require significant upward momentum.

One interesting thing is that Pump.fun's PUMP token has been showing some movement lately. They added GitHub integration, making profit sharing easier, and it's fascinating to see these feature improvements reflected in the token price. It signals that the Solana-based meme coin platform continues to evolve.