Another set of data indicates that a large number of long positions have been closed in the recent market, and investor sentiment remains low. After reaching a new high, the funding fees for Bitcoin have continued to decline, which can be seen as a warning signal for large-scale liquidations. Looking back at history, in bull markets, Bitcoin prices often rebound after a significant liquidation triggers negative funding rates. From the average funding rates across various futures exchanges, prices usually experience a short-term rebound after negative funding rates appear, but then adjust again.

However, the situation with Binance is different. Binance holds a high share of the global market with a large number of users, among which retail investors account for a significant proportion.

Therefore, the frequency of negative funding rates on Binance is relatively low. When Binance experiences negative funding rates, Bitcoin prices tend to rise sharply.

From the chart, it can be seen that two instances of negative funding rates triggered a significant increase in BTC. This indicates that most investors hold a negative view of the market due to extreme fear, and seasoned investors know that Bitcoin price trends are contrary to public sentiment; as market sentiment worsens, BTC prices tend to rise instead.

Given that most market participants exit the market due to extreme panic while Bitcoin prices continue to rise, we will focus on whether there will be a significant rebound after further declines and when Binance's funding rate turns negative. #比特币后市 $BTC