#密码资产动态追踪 Funding rate reversal: Market divergence is beginning to show, and strategies are catching up with the rhythm.

On-chain data and news analysis have confirmed one thing — the bottom phases of $BTC and $ETH have been established, but the real altcoin season heatwave? It hasn't fully arrived yet.

Looking at funding rates on mainstream exchanges and DEXs, things are getting interesting. The previously extreme bearish sentiment has dissipated, and large funds' pessimism towards mainstream coins has settled. What's behind this? Whales haven't been idle this week; on-chain data shows — exchange BTC balances have decreased by 3.2%, and Grayscale's selling pressure is gradually being absorbed.

But here’s a wake-up call — altcoin funding rates are still widely in the red (negative). What does this mean? The market hasn't fully dared to bottom-fish small-cap coins; funds are still clustering in mainstream coins. We mentioned two weeks ago: "In the early rebound, be cautious about stepping into altcoins," and now the data once again confirms this judgment.

To be straightforward:

$BTC and $ETH are still oscillating and building a bottom. Buying on dips at this stage is the right approach. Moving from extreme to neutral funding rates doesn't mean an immediate surge, but the bearish momentum is gone, and the medium-term direction is becoming clearer.

As for altcoins, we need to wait a bit longer. Negative funding rates indicate the market is still self-healing. Short-term spikes could turn into a stampede. The real breakout signals will come when — funding rates turn positive and on-chain activity breaks through. Only when these two conditions occur together does it count.

Funding rates are like a thermometer of market sentiment; they are not a crystal ball for price movements, but they tell you how the internal market structure is changing. Remember the crash? We warned then not to panic sell mainstream coins during the altcoin panic. Looking back now, did we not hit the rhythm again?

Hold your positions and don’t be shaken by short-term fluctuations. The bull market is never a straight line up; it’s a staircase built with data points and patience.

Clear-headed people always stay ahead. Stick to your strategy, let the data speak, and time will give the answer.