$BTC Currently, neither of these signals are considered bad: the funding rate turning negative indicates that leveraged longs have been squeezed first; the drop in hash rate also reduces some additional pressure on short-term market fluctuations. Coupled with easing geopolitical tensions, the market seems to be gradually deflating the upward emotional bubble. For $BTC , during such times, it may not immediately surge sharply, but rebounds are often smoother than chasing highs.