Coinbase's premium flipping positive

This on-chain wave tells everyone: Bitcoin isn't just about falling and patching up; institutions are really back. How can we tell? Just look at Coinbase's premium, which stayed green during the major correction in November, indicating that U.S. institutions were on the move; as a result, when BTC dropped to $85,000–90,000, it suddenly flipped back: 'Sorry, we came to buy again.' These three major benefits are pushing Bitcoin upwards:

Vanguard suddenly switched sides, allowing 50 million conservative users to buy Bitcoin ETFs for the first time; Charles
Schwab's $12 trillion giant asset pool will connect directly by 2026; Japanese ETFs are coming, and this massive entity of investment trusts and pensions could drop $3–10 billion at any time. This means institutions are not just staying away but are rushing to secure their seats for 2026 in advance. Bitcoin is no longer a 'speculative item from the old era' but a new standard for 'global asset allocation.' Coinbase's premium flipping positive is summed up in that phrase: 'Buy with confidence, we've already boarded the train for you.'

The funding rate warming signal.

The recent emotional rebound of Bitcoin has actually been secretly hinted at by the funding rate. The big plunge in November drove the rate negative, and the shorts were celebrating on stage for a while; however, by December, the price dropped back to around $86,000, but the funding rate stubbornly refused to 'lie flat,' maintaining a positive value, which means: the bulls were hurt but not scared. As soon as the market rebounds, the rate shoots up, almost as if saying 'It's okay, I can still charge.' This kind of trend generally indicates that bulls are quietly increasing their positions, and shorts are no longer daring to act recklessly, with the market shifting from 'first, save my life' to 'should I take another gamble?'. A continuously positive funding rate that keeps rising is usually a typical signal that 'prices are stabilizing'. If the rate remains strong and the price stands at 90K, then the short-term trend is basically strong.

Ethereum sentiment has not weakened.

Ethereum recently dropped to around $3,100, yet the NUPL remains stable at 0.22, which means: everyone is still making some money, there's no panic selling, and it hasn't reached that 'hot-headed' stage of a bull market peak. During June to August, the NUPL soared quite high, but in October, ETH dropped all the way down, profits slowly shrank, and market sentiment reverted from 'overheated' to 'calm mode'. But here's the key point: the NUPL never dropped negative, indicating that people aren't losing enough to want to run away, and it's not so easy for ETH to experience a deep drop. The current market state feels like warming up in place, waiting for a clear catalyst to ignite. As long as the NUPL stays above 0.20 without falling below, Ethereum's breath won't be cut off, and there could be a sudden 'you thought it was over, but it suddenly surged' counterattack at any moment.