Victory Securities: Funding Rates indicate that the contract market is more short, and the virtual asset market is in need of a key turning point.

Golden Finance reported that Zhou Lele, the deputy chief operating officer of Victory Securities, said that Funding rates (reflecting Intrerest Rate paid by longs to shorts) are negative, indicating that shorts are prevailing in the futures market; while SpotDepth is showing a significant decline in resistance. The disparity between futures and spot may indicate that short sentiment is dominating the market in the short term, but there is support at certain price levels. According to on-chain data, a large amount of virtual assets has been transferred out, and Whales may be accumulating chips at this time. Last Monday, 273,000 Ethereum (costing about $2,500) was withdrawn on-chain, equivalent to about $68 million; and on Friday, 44,000 BTC (costing about $59,500) was withdrawn on-chain. Based on experience, the outflow of BTC often accompanies a price rebound. The reasons may include: investors becoming more positive about future price expectations, choosing to actively buy Bitcoin at this time to build a position. The virtual asset market is in need of a crucial turning point, welcoming external buying force, breaking through the oscillation, and finding direction. The market's hesitant and indecisive attitude may also provide value investors with an opportunity to absorb low-price chips.