Recently, the volatility in the cryptocurrency market has significantly intensified, with the BTC long-short ratio maintaining a high level of 74.5%, and the funding rates showing a divergent trend. It is advised that investors flexibly adjust their position management strategies, while also focusing on the transmission effect of U.S. stock market dynamics on crypto assets. On the operational side, close attention can be paid to the arbitrage window when the funding rates return to normal levels, but caution should be exercised regarding the potential risk factors of contract positions.