Toncoin Lags Market-Wide Rebound Though Derivatives Metrics Suggest Cautious Positive Sentiment

Altcoin funding rates — TON included — have moved back into positive territory, hinting at a cautious uptick in trader confidence even as activity across the crypto derivatives market remains relatively subdued.

TON is holding near $1.60 amid gradually improving sentiment, according to a new derivatives analysis from Bybit and Block Scholes. The report highlights a “slow-but-steady” rebound led by bitcoin and ether, which have both extended their gains to trade above $91,000 and $3,000. Over the past week, the CoinDesk 20 (CD20) index climbed 6.8%, though TON advanced by only 1.2% during the same timeframe.

One of the report’s notable findings is the shift in perpetual swap funding rates for major altcoins. After a weekend dominated by short sellers, funding rates flipped positive across several large-cap tokens, signaling that traders are once again paying to hold long positions — a traditional marker of improving sentiment, even if traders remain cautious.

However, the broader derivatives landscape hasn’t fully recovered. Open interest and trading volumes remain well below levels seen before the recent sell-off, and volatility gauges suggest traders are no longer expecting deep declines but have yet to fully re-enter the market.

For TON specifically, the positive funding rate trend suggests some market participants may be positioning for a potential bottom after extended selling pressure. Still, the report notes that altcoins underperformed bitcoin and ether during the downturn, and their rebound has been slower by comparison.

CoinDesk Research’s technical analysis model identifies support around $1.59 and shows a mild upward drift, adding to the narrative of a gradual, measured recovery. Yet with trading activity still thin and large holders maintaining considerable supply, TON’s short-term outlook remains closely linked to a broader return of risk appetite among altcoin investors.

In a related development, Telegram has launched its tokenized stock trading feature, allowing users to buy and sell U.S. equities — including companies like Apple and Tesla — directly through TON-enabled wallets.