The occurrence of such a significant negative premium is indeed rare. This thing is usually seen as a barometer of large institutions' inflows and outflows through spot ETFs. Recently, it has been consistently negative, indicating that selling pressure is indeed strong.

From the candlestick chart, it appears to be accumulating at the bottom—such as a sideways consolidation with buildup. However, combined with the performance of this premium, things are not that simple. It could be a bull trap, leading people to believe there is bottom support, when in fact institutions are quietly offloading.

Regardless of whether it ultimately proves to be genuine accumulation or false accumulation, a difficult-to-avoid trend is a low-level sweep—taking out retail investors' stop-loss orders. In this case, BTC still seems to have room to dip in the short term.