There are several noteworthy developments in the market recently. The U.S. Senate has submitted over 130 amendments during the process of advancing the "CLARITY Act," indicating that discussions on the cryptocurrency regulatory framework are still ongoing. Meanwhile, Senator Warren has publicly called for a suspension of the approval process for certain banking licenses until relevant stakeholders complete asset divestment, reflecting regulatory concerns about potential conflicts of interest.

In terms of market performance, the three major U.S. stock indices all declined, with the S&P 500 falling less than the Dow Jones and the Nasdaq showing relative resilience. Interestingly, crypto-related stocks have moved independently—driven by Bitcoin's rebound, these stocks generally rose, forming an inverse movement compared to the broader market.

Funding rates are quickly returning to neutral levels. But this detail is worth noting: the rates for BTC, some popular coins, BCH, and ZEC remain relatively low, indicating that the market's bearish sentiment has not fully dissipated, and many investors remain cautious in the short term.

Looking at the relationship between price and funding rates, Bitcoin continued to rise after the rates returned to neutral, suggesting that buying pressure has not weakened and the market is gradually digesting previous bearish sentiment. In such situations, Bitcoin often experiences a period of contradiction between funding rates and price—short-term volatility can be intense, but it also creates conditions for the rates to turn positive. The key is whether the funding rate can break through neutrality and continue to rise; if it does, it suggests this rebound could be sustained. Conversely, if rates remain low, Bitcoin may enter a longer correction or decline after a short-term rebound.