$BTC shows early stabilization after the washout. Funding is back to neutral, front-end carry flips positive, and long-dated forwards stay in contango. Realized vol is still elevated near-term, but the curve is calming and downside skew is easing. Stress is fading, not gone.
$ETH remains more volatile. Funding is neutral, but realized vol stays extreme and downside skew is still heavy. That said, longer-dated carry and forwards suggest the market is starting to look past the panic.
Read: post-liquidation digestion phase. Risk is still high short-term, but structure is slowly repairing.