Funding rates across major altcoins — including TON — have turned positive again, pointing to a cautious revival in trader sentiment even as overall derivatives activity remains underwhelming.
TON continues to trade around $1.60 as markets show early signs of stabilizing, according to a new report from Bybit and analytics firm Block Scholes. The analysis describes the current environment as a “slow-but-steady” rebound, led by bitcoin and ether, which have moved above $91,000 and $3,000 on the back of recent gains. The broader market, measured by the CoinDesk 20 (CD20) index, has risen 6.8% over the past week, while TON has posted a more modest 1.2% increase.
A key development highlighted in the report is the reversal in perpetual swap funding rates for top altcoins. After a weekend marked by heavy short exposure, these rates have swung into positive territory, indicating traders are paying a premium to remain long — typically a sign that sentiment is improving, even if confidence is restrained.
However, the broader derivatives landscape still lacks momentum. Open interest and trading volumes remain well below pre-selloff levels, and volatility readings suggest traders aren’t expecting sharp declines but haven’t fully committed to re-entering the market either.
For TON, the move toward positive funding rates hints that some traders may believe the token has reached a near-term bottom after several weeks of pressure. Still, the report emphasizes that altcoins as a group lagged bitcoin and ether during the downturn and have been noticeably slower to recover.
Technical indicators tracked by CoinDesk Research show support forming near $1.59, with a slight upward bias in recent price action, reinforcing expectations of a gradual bounce. Even so, subdued participation and the concentration of supply among major holders mean TON’s outlook remains closely tied to a broader return of appetite for altcoin risk.
In the meantime, Telegram has rolled out its tokenized equity trading feature, enabling users to buy and sell U.S. stocks such as Apple and Tesla directly through their TON-based wallets.
