#PerpFunding shifted from persistent positive near $120K to neutral/negative at $70K — long-side leverage unwinding 📉🔴.

Negative spikes = traders hedging or #Short into weakness. Recovery needs funding stabilization + renewed #SpotDemand, not just short covering ⚡️🎯👀

Spot activity remains muted — recovery toward $70K driven by selective dip-buying rather than broad #SpotDemand 📉🔴.

Market still rebalancing — upside fragile until spot volumes expand more consistently ⚡️🎯👀