Altcoin funding rates — including those for TON — have flipped positive, signaling a cautious return of trader confidence even as overall market activity remains subdued.

TON is holding near $1.60 as traders digest signs of improving sentiment across crypto markets, according to a new derivatives report from Bybit and analytics firm Block Scholes. The study outlines a “slow-but-steady” recovery led by bitcoin and ether, both of which have pushed above $91,000 and $3,000 following strong recent gains. The broader market, tracked by the CoinDesk 20 (CD20) index, has climbed 6.8% over the past week, though TON has risen only 1.2% over the same period.

The standout detail in the report is the shift in altcoin funding rates. After a weekend marked by heavy short positioning, perpetual swap rates for several major tokens — TON among them — have turned positive. This indicates that traders are now paying to maintain long exposure, reflecting renewed, if still measured, optimism.

Even so, market engagement remains tepid. Derivatives open interest and trading volumes sit well below pre-sell-off levels, and volatility indicators suggest traders are no longer preparing for sharp downside moves but have yet to fully re-enter the market.

For TON specifically, the improvement in funding rates hints that some traders may be calling a bottom after weeks of downward pressure. Still, the report notes that altcoins broadly lagged bitcoin and ether during the drawdown, and their recoveries have been noticeably slower.

CoinDesk Research’s technical analysis model indicates that support around $1.59, combined with a modest upward drift, may reinforce the narrative of a gradual rebound. However, with participation still light and large holders maintaining significant supply, TON’s outlook remains tied to a broader revival in altcoin risk appetite.

In parallel, Telegram has launched tokenized stock trading, enabling users to buy and sell U.S. equities — including names such as Apple and Tesla — directly through TON-based wallets.