U.S. Market Reopening (February 9) – The resumption of U.S. equity trading is the nearest catalyst, given crypto's strong recent correlation with tech stocks. Sentiment Shift from Extreme Fear – The market is at a yearly low in sentiment, which often precedes sharp reversals when catalysts emerge. Potential Short Squeeze in Derivatives – A persistently negative funding rate indicates crowded short positions that could unwind rapidly on positive news.