Don't get too excited yet, these two market indicators are worth paying attention to.

1️⃣ The first is the annualized funding rate, which has been consistently above 10% for BTC and ETH since July 14, lasting over 72 hours. This is a cost indicator for the bulls.

2️⃣ The second is the Aave on-chain USDT lending rate, which has also started to rise significantly in the past couple of days, indicating that on-chain leveraged funds have heavily entered the market, and the sentiment is leaning towards being bullish (USDC hasn't moved much).

The former indicates that bulls have been bleeding, especially BTC. If the price cannot continue to break through, it will keep bleeding, possibly triggering a chain reaction of bull liquidations.

The latter can be seen as a thermometer for the willingness of on-chain funds to go long. It has started to rise significantly, indicating that leveraged funds have entered the market on a large scale.

In simple terms, funds are continually betting, but if the price increase does not materialize, the bulls will face ongoing cost pressure. The next 72 hours leading up to next week will be a key observation window for this round of market movement.