The perpetual contract trading volume on the exchange still deviates below the 90-day incremental average (red line), but during the recent pullback period, a significant contraction of the short-selling trend can be clearly seen. Due to the price decline, the yellow, blue, and gray curves are approaching the red line. This represents the current futures market transitioning from 'extremely bearish' to 'pearl bullish'. If you ask me, is there any benefit to this? I would say, 'Of course there is!'. Don't you think the two elliptical trends indicated by the red dashed line look very similar? We are currently facing a slow negative feedback loop, and only when bullish sentiment begins to recover can the corresponding hope break the cycle. This is also the process of traders repricing the market.
$BTC #加密市场观察
{spot}(BTCUSDT)
