Toncoin (TON) is holding steady around $1.60 as traders react to signs of improving sentiment in crypto markets, based on a new derivatives report by Bybit and analytics firm Block Scholes.

The report points to a “slow-but-steady” recovery across digital asset markets, led by bitcoin and ether, which are now trading above $91,000 and $3,000, respectively, after seeing significant price rises. The wider crypto market, measured by the CoinDesk 20 (CD20) index, is up 6.8% in the past week, while TON moved up just 1.2% in that period.

But it’s the altcoin funding rates, including for TON, that stand out. After a weekend of aggressive shorting, perpetual swaps for several large-cap tokens have flipped into positive territory,…