K33 Research: Bitcoin market shows "aggressive caution" ahead of Easter low trading volume period

CoinDesk News: According to a report by The Block, research and brokerage firm K33 said in its latest report that, amid the combined impact of recent weak price performance, geopolitical uncertainty, and the latest quantum computing warnings, the Bitcoin market has been showing an “aggressively cautious” stance before entering the traditional period of low trading volume around the Easter holidays. K33 Research Director Vetle Lunde said that defensive positions in the market are accelerating in their build-up, and the risk exposure from leveraged short positions on Bitcoin ETFs has surged by 22% over the past few days, totaling 9,012 BTC—reaching the second-highest level in history—reflecting extremely concentrated bearish sentiment. Meanwhile, the annualized 30-day average funding rate has remained negative for 32 consecutive days, with only about two weeks left before it breaks the record for the longest negative funding-rate cycle set from November to December 2022. Lunde’s analysis said this kind of environment where bearish positioning is overly crowded is often consistent with the characteristics of a market bottoming phase.