Prices are stabilizing, but sentiment remains flat. According to Coinglass, Bitcoin showed slight strength today and is trading sideways, yet funding rates across major CEXs and DEXs remain overwhelmingly bearish—funding rates for BTC, ETH, and other major cryptocurrencies are largely entrenched in negative territory. A divergence has emerged between price and sentiment: while the price hasn’t continued to fall, no one in the futures market is willing to go long. The collective absence of bulls indicates this rebound hasn’t restored confidence—market participants are still on defense. This “price stable, sentiment bearish” combination has two possible paths forward: either sentiment catches up, funding rates normalize, and the rebound continues; or price gets dragged down by sentiment, pushing further toward a lower bottom. When funding rates turn positive matters more than whether the price rises a few percentage points.