Toncoin Underperforms Crypto Bounce Even as Derivatives Signal Mild Optimism

Altcoin funding rates — including those tied to TON — have turned positive, hinting at a cautious return of trader confidence even as broader market activity stays relatively subdued.

TON is holding near $1.60 as investors respond to improving sentiment across crypto markets, according to a new derivatives report from Bybit and analytics firm Block Scholes. The report describes a “slow-but-steady” recovery led by bitcoin and ether, which have climbed above $91,000 and $3,000 after sharp recent gains. The CoinDesk 20 (CD20) index is up 6.8% over the past week, while TON has inched ahead by only 1.2%.

One of the report’s key insights is the shift in altcoin funding rates. Following a weekend of heavy short positioning, perpetual swaps for several major tokens — including TON — have swung into positive territory. This indicates traders are once again paying to hold long positions, a sign of cautious optimism returning to the market.

Despite this, participation levels remain muted. Derivatives open interest and trading volumes are still well below pre-sell-off norms, and volatility readings suggest traders are no longer expecting severe downside but aren’t fully engaged either.

For TON, the uptick in funding rates suggests some traders may be positioning for a bottom after several weeks of pressure. However, the report also underscores that altcoins underperformed bitcoin and ether during the downturn and have been slower to rebound.

Technical indicators from CoinDesk Research point to support around $1.59 and a gentle upward trend, reinforcing the narrative of a gradual recovery. Still, with trading participation low and large holders retaining significant supply, TON’s price trajectory remains closely tied to a broader resurgence in altcoin risk appetite.

Separately, Telegram has rolled out tokenized stock trading, enabling users to buy and sell U.S. equities like Apple and Tesla directly through TON-integrated wallets.