Bitcoin funding hits 46-day negative streak as ETF flows turn positive despite market uncertainty

link">Bitcoin is displaying classic bottoming signals despite trading near recent highs. [The Block](https://www.theblock.co/post/397531/bitcoin-breakout-odds-rise-negative-funding-streak-mirrors-bottoming-regimes-k33) reports the 30-day average funding rate has been negative for 46 consecutive days, matching the duration seen at the 2022 bear market bottom according to K33 research. This suggests traders are paying to short Bitcoin, typically a contrarian indicator. The asset is currently trading at $74,363, up 3.75% over the past week. [Bankless](https://www.youtube.com/watch?v=qbNo-fw1d1o) featured a detailed bull vs. bear debate, with analyst Michael Nadeau arguing the setup still resembles a bear market despite recent strength. The discussion highlighted ongoing macro headwinds including Middle East tensions, though [The Block](https://www.theblock.co/post/397425/hive-bitfarms-bitcoin-miner-ai-rally-11-gains-btc-two-month-high) noted Bitcoin climbed above $76,100 to a two-month high as U.S. equities recovered losses tied to Iranian conflicts. Bitcoin mining stocks led the charge, with companies pivoting to AI data centers seeing double-digit gains as the sector transforms beyond pure mining operations.

Major traditional finance players are accelerating crypto adoption across multiple fronts. [The Block](https://www.theblock.co/post/397524/etoro-bets-on-self-custody-with-70-million-acquisition-of-crypto-wallet-startup-zengo) reports eToro acquired crypto wallet startup Zengo for $70 million, adding self-custody and Web3 capabilities to its platform following its New York market debut. This represents a strategic shift toward self-custody solutions in the retail space. On the institutional side, [The Block](https://www.theblock.co/post/397412/goldman-sachs-files-for-link">bitcoin-etf-that-invests-in-other-bitcoin-etfs) revealed Goldman Sachs filed for a Bitcoin ETF that invests in other Bitcoin exchange-traded products, essentially creating an ETF-of-ETFs structure. The fund would provide exposure to ETPs holding bitcoin, options on spot Bitcoin ETPs, and Bitcoin ETP indices. [The Block](https://www.theblock.co/post/397490/societe-generale-adds-stablecoin-metamask) also noted Societe Generale's digital asset unit integrated its MiCA-compliant USD stablecoin with MetaMask for fiat on/off-ramps and trading. These moves signal traditional finance's growing comfort with crypto infrastructure and self-custody solutions.

Several jurisdictions are advancing crypto-friendly regulatory frameworks. [The Block](https://www.theblock.co/post/397521/pakistan-allows-banks-to-open-accounts-for-licensed-vasps-ending-2018-ban) reports Pakistan's central bank ended a 2018 ban, now allowing regulated entities to open accounts for licensed virtual asset service providers. This represents a significant policy reversal in South Asia's second-largest economy. In the U.S., [The Block](https://www.theblock.co/post/397484/virginia-approves-bill-unclaimed-crypto-assets) notes Virginia passed legislation requiring unclaimed crypto assets in customer accounts to be transferred to state custody 'in-kind' and held for at least one year, providing clearer guidance for dormant digital assets. The incoming Trump administration continues shaping crypto policy, with [The Block](https://www.theblock.co/post/397409/ahead-senate-confirmation-fed-pick-kevin-warsh-crypto-investments) revealing Federal Reserve chair nominee Kevin Warsh disclosed investments in numerous crypto firms ahead of his Senate confirmation hearing. His portfolio includes positions across the crypto ecosystem, potentially signaling a more favorable regulatory stance at the Fed level.

The DeFi ecosystem experienced both security incidents and major strategic shifts. [The Block](https://www.theblock.co/post/397432/cow-swap-pauses-protocol-amid-domain-hijacking) and [Shoal Research Hub](https://t.me/shoalresearch/13846) reported CoW Swap urged users to pause trading amid a domain hijacking incident. The DEX aggregator is critical infrastructure for the link">Ethereum ecosystem with integrations across protocols like Aave and Safe, making this security breach particularly concerning. On the development side, [The Block](https://www.theblock.co/post/397427/ethereum-foundation-launches-1-million-crypto-security-subsidy-providing-access-to-over-20-audit-firms) announced the Ethereum Foundation launched a $1 million security subsidy program through Areta's audit marketplace, providing access to over 20 firms including Blocksec, Certora, Hacken, Immunefi and Quantstamp. [Castle Labs](https://research.castlelabs.io/p/ethena-just-killed-its-own-business) highlighted Ethena's dramatic pivot, cutting perpetual futures exposure from 90% to 11% while moving toward institutional lending and RWAs through partners like Anchorage, Maple, and Coinbase Asset Management. This represents a fundamental shift in Ethena's risk model and business strategy.

Major infrastructure developments are bridging traditional and crypto markets. [The Block](https://www.theblock.co/post/397450/major-european-six-group-stock-exchanges-feeding-data-to-chainlink) and [Shoal Research Hub](https://t.me/shoalresearch/13860) report SIX Group's Swiss and Spanish national exchanges are now feeding equities data to Chainlink, bringing over €2 trillion worth of European stock data onchain for the first time. This makes premium market data available to over 2,600 applications across 75+ blockchains in the Chainlink ecosystem. [The Block](https://www.theblock.co/post/397491/ripple-kyobo-life-insurance) noted Ripple partnered with South Korea's Kyobo Life Insurance to enable tokenized government bond settlement, potentially reducing settlement cycles from two days to near real-time. [The Block](https://www.theblock.co/post/397457/etherfi-3-billion-eth-validator-liquidity-ethgas-three-years) reported Ether.fi committed $3 billion in ETH as 'validator liquidity' to ETHGas over three years, supporting a marketplace for Ethereum blockspace futures that allows guaranteed execution through advance purchases.

Tokenization efforts are expanding into emerging market assets and new geographies. [The Block](https://www.theblock.co/post/397546/brix-raises-5-5m-to-tokenize-emerging-market-assets-megaeth) reports Brix raised $5.5 million to tokenize emerging market assets, planning to launch a Turkish lira-backed token as its first product on MegaETH. This represents an interesting test case for bringing frontier market currencies onchain. [The Block](https://www.theblock.co/post/397501/21shares-second-amendment-link">hyperliquid-etf-thyp) noted 21Shares filed a second amendment for its Hyperliquid ETF filing, seeking a Nasdaq listing under ticker THYP. The issuer plans to seed the trust with 20,000 shares at $25 each to purchase HYPE tokens prior to listing. HYPE has performed well recently, showing +13.03% returns over the past week and +12.33% over 30 days according to verified data. These developments suggest growing appetite for tokenizing both traditional emerging market assets and newer crypto-native tokens through regulated products.