From the perspective of open interest data, both $BTC and $ETH are seeing an increase in open contracts, indicating that leveraged funds are starting to flow back in, and market sentiment is gradually shifting from deleveraging to leveraging.

At the same time, from the funding rate perspective, the long side in the perpetual market is currently more crowded and has stronger demand, which means that sentiment is indeed starting to lean towards betting on a price rebound, with a willingness to pay to hold long positions.

A positive funding rate does not mean that everyone is going long; rather, it indicates that the demand for leverage from longs is greater than that from shorts, reflecting a generally optimistic sentiment. Relatively speaking, ETH has a larger leverage increase, resulting in more open contracts, so when facing volatility, ETH's fluctuations will be greater than those of BTC.

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