Bitcoin is currently outperforming Ethereum from a relative strength perspective. The market structure shows healthy characteristics right now—there's no aggressive net selling pressure, and notably, funding rates have turned negative across major platforms. This combination typically signals consolidation rather than capitulation, suggesting institutional and retail traders are becoming more cautious with leverage. When funding dips into negative territory alongside reduced distribution volume, it often precedes decisive directional moves. The BTC/ETH pair dynamics warrant close monitoring, especially as macro conditions continue to shape risk appetite in the broader digital asset markets.