According to CryptoQuant funding rate data across exchanges, rates have been persistently negative, indicating that the crowd is leaning toward SHORT positions, with dominant sentiment being fear + disbelief.

Meanwhile, data shows that long-term holders have almost stopped selling and have accumulated a net 309k $BTC. In other words, retail investors are bearish.

Smart money is re-accumulating. This is a typical structure of a “disbelief rally setup”: when the majority doesn’t believe in the upward move yet, but supply pressure has already started to contract.

BTC is currently in a late correction / early re-accumulation phase — not yet an euphoria top, nor resembling a panic bottom.

Current sentiment is not bullish. But the capital flow structure is less bearish than it appears on the surface. This is the kind of market that easily leaves the majority positioned incorrectly.

Written by Rei Researcher