Recently, there have been some interesting phenomena in the crypto market. First, the funding rate has fully shifted from negative to positive, and the spot premium has quickly recovered—what does this indicate? Buying pressure is indeed continuously entering the market. More importantly, there is no significant resistance from the futures side; the funding rate has not been driven down sharply, which shows that futures traders also recognize this rebound.

From the liquidation data, a large number of short positions have been wiped out, and market makers have subsequently placed large buy orders, further boosting the upward momentum. On the technical side, BTC found support around 9.45 and began to rebound, while ETH also started to bounce from around 3280. The expected analysis approach is sound, and the market performance has validated the logical reasoning. Hope everyone can gain something during this cycle!