Subtle divergences are emerging in market flows, and the structural signals warrant caution. BTC funding rates remain positive (0.0049%), with longs holding a slight edge and the long/short account ratio at 1.17. However, the taker buy/sell ratio is only 0.87, indicating that sellers still dominate actual trades and buying support is insufficient. ETH and SOL are relatively stronger: SOL’s long/short account ratio is as high as 2.59, and its taker buy/sell ratio is 1.25, showing clearly stronger buying momentum; ETH’s long/short ratio is 1.62, giving buyers a slight edge. BNB’s long/short ratio is 2.36, but its funding rate is slightly negative, suggesting some pressure on shorts. On-chain data shows that total stablecoin market capitalization is 304.81 billion, up 540 million over 24 hours. There are signs of fresh capital entering the market, but this has not triggered a broad-based rally, and sentiment remains cautious. On the news front, DeepSeek’s major open-source release of its core reasoning engine has lifted sentiment around AI-related tokens. Releases such as PHP 8.5.12 are routine technical updates with no material price impact; quote-style content has no trading value. Overall, funding rates are positive, but the low taker ratio for major coins such as BTC indicates weak conviction among buyers putting real money to work. The rise appears driven more by leverage than spot demand. Buyers have a relatively healthy edge in SOL and ETH, but without sustained inflows of new capital, it is hard to call this a trend breakout. The modest expansion in stablecoin supply is a positive sign, but it remains to be seen whether it will translate into actual buying. The market is currently in a “capital is present, but there’s no broad alignment” phase, so it’s better to adjust positions sooner rather than later. Have you noticed any recent changes in the flows of large wallet addresses?