Looking at the open interest data, both BTC and ETH open interest are starting to increase, indicating that leveraged funds are beginning to flow back in, and market sentiment is gradually shifting from deleveraging to re-leveraging. At the same time, judging from the funding rates, the long side in the perpetual market is currently more crowded and in higher demand. This suggests that sentiment is indeed leaning towards betting on a price rebound, with traders willing to pay to hold long positions. Positive funding rates don’t mean everyone is going long; rather, they indicate that the demand for leverage on the long side > the demand for leverage on the short side. Sentiment is leaning optimistic. Comparatively, ETH is seeing higher leverage added, with more open interest, so during volatility, ETH’s price swings will be larger than BTC’s. Sponsored by @Bitget｜Save the most on fees, claim the best rewards, and become a VIP at Bitget.