The crypto market is currently showing significant volatility, with long positions in the Bitcoin futures market becoming increasingly active. While this has pushed funding rates up sharply, this pattern is often seen after halving events. When the market is too skewed to one side, price movements often occur in favor of the opposing party.

In the spot market, profit-taking is starting to be seen. Long-term holders have completed the accumulation phase and are starting to distribute to new entrants. Medium-term holders in the 6-18 month range are starting to realize profits, but this does not signal the end of the bull market. The increase in public interest is expected to increase gradually.