The moment of risk warning has finally arrived!
Last night during the US trading session, the situation with spot trading showed a rise in both Coinbase premium and prices. In the Asian trading session, however, the premium fell sharply while prices continued to rise.
This indicates that the first half of this market movement was led by spot trading, while the second half was dominated by futures.
The funding rate maintained a level of 0.02% during the first half, but after the price surge in the second half, it skyrocketed to around 0.1%, strongly confirming the relay situation of futures.
Therefore, from a short-term perspective, the demand for both spot and futures has been released, leading to a certain degree of demand shortage. If small-scale supply situations begin to emerge subsequently, prices may easily experience minor pullbacks or sideways movements.
The target for such pullbacks will at least reach the starting point of the second half of the futures surge.
However, the overall trend remains bullish, and one should only pay attention to the possibility of pullbacks during short-term operations.
This risk warning is primarily aimed at futures trades that have gone long at price levels above 100,000. There are currently no take-profit signals for long-term trades, and bullish positions can continue to be held.
