BTC has risen so much, but the rate bull still shows no signs, and the vast majority of contracts are even mostly negative rates.

So will the bull return? I think it's quite difficult, as even the stablecoin funds for arbitrage cannot achieve ideal yields.

X mentioned before that he sees the stablecoin supply growing and believes the bull won't die, betting on the bull-bear struggle. To be honest, I've been observing this indicator too. As a result, the bull-bear bets encountered a significant drawdown.

What is the outcome of the review?

The proportion of funds from stablecoin issuance and the existing stock has notably increased the weight of Smartmoney, who won't withdraw but also won't gamble; they will implement quantitative strategies, engage in Defi for stable income, and exploit rates.

The proportion of speculative money and foolish money is decreasing, increasingly concentrated in the hands of PRO players and institutions.

Looking at the continuously increasing balance of stablecoins, it seems no longer suitable to judge bull and bear markets.

Thus, the leverage rate bull also seems very hard to see, so it's better to be cautiously bearish.