I monitored the funding rates (Funding Rate) of major exchanges. After three days of consolidation and washouts, the rates have returned to a neutral range from the overheated levels seen during the New Year period. What does this mean? The logic is simple: the bubble of long-side leverage has been deflated. When prices remain relatively high but funding rates are declining, it indicates that spot market support has replaced the push from derivatives. This "spot-driven" consolidation is often a precursor to the next explosive rally. Don't get shaken off by temporary pullbacks—position structure matters more than candlestick colors
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