1. Price increase + negative fee rate = a typical short squeeze market. The more shorts pile up, the more money they lose paying to hold their positions; once they collectively cover later, it can quickly accelerate a large upward move.

2. The futures are relatively weak, while the spot market is stronger; the trend foundation is healthier, not driven by leverage bubbles.
3. The fee rate remains negative for a long time = heavy selling pressure above; each rally is accompanied by short positions lurking, increasing the probability of oscillations and reversals.