BTC bottom still unconfirmed as rebound signals lag past turning points

A clear bottom signal for BTC has yet to emerge, according to a CryptoSlate analysis. The media outlet said options market skew, the gap in implied volatility between call and put options, widened to 11.4 percentage points, while perpetual futures funding rates turned positive, suggesting investor sentiment and demand for leverage are recovering. Even so, those readings remain below levels seen in past bottoming phases. CryptoSlate added that investors who bought BTC during April and May, when funding rates were negative, had an average cost basis of about $77,900 and are now sitting on an unrealized loss of around 20%. The key variables for whether BTC extends its rebound or retests $58,500 are the July FOMC and BTC ETF fund flows.