#数字资产市场洞察 Looking at the perpetual contract trading data across major exchanges, the difference between long and short trading volumes is still stuck below the 90-day incremental line (the red line). However, in this recent wave of market correction, it's clear that the enthusiasm for short positions is cooling rapidly—yellow, blue, and gray lines are all gradually approaching that red line. What does this indicate? The futures market is shifting from an extreme "collective bearish" sentiment to a gradual "bullish" outlook.

Someone asked if this is a good thing. I definitely think so. Have you noticed that the two red dashed boxes show quite similar trend patterns? We are currently stuck in a slow negative feedback loop. To break out, we need the bullish sentiment to truly warm up again. This process is essentially traders re-evaluating the market. Will @BTC@ follow this emotional turning point? The key still depends on the subsequent capital flow reactions.