Looking at the amplitude of fan fluctuations, this wave of fan fluctuations is very strong, and the market is generally positive. However, looking at the funding rate, the market's bullish sentiment has not yet risen. Just a few days ago, with this kind of increase, the market would have already fomoed;

Could it be that the last 1.5 billion liquidation has made retail bulls a bit fearful of chasing highs? This is also the biggest difference between this shorting and the last one; From a data perspective, the last shorting was relatively safe as a left-side top touch, because the last funding rate was very high, positions were very high, and there had never been a concentrated liquidation of bulls; But this time, the funding rate has returned to a calm phase, and the market has undergone the largest liquidation of this bull market, so this time shorting is relatively not as safe. However, from the trend's movement experience, it is highly likely that we are in a consolidation phase now.