The more consistent the expectation that BTC will fall now, the more support there is below. Everyone’s expectations for the fall are inconsistent, and there are always people rushing to buy in advance. Regardless of whether the ETF passes or not, I always think that a big drop is a small probability event.

On the contrary, if the expectations for rising prices are too consistent, it will be the reason for the sharp decline. At present, the funding rate has not gone up, the long-short ratio is not abnormal, and the lending interest rate has not increased. The price increase driven by spot prices is still healthy.