Recently, while analyzing on-chain data, I noticed an interesting phenomenon: the funding rate has gradually returned from previous high levels to a more rational level, which is usually a sign that market sentiment is cooling down. But at the same time, the open interest is quietly increasing, and this combination has often been a precursor to volatility in history.

Honestly, the current market looks very calm, and trading volume isn't particularly notable, but the funding rate is returning to normal, and the forces of bulls and bears are quietly accumulating. Similar situations in the past have occurred several times, eventually evolving into more intense market movements.

So the current question is, when will these pressures be released? Upward or downward? This combination of funding rate and open interest usually indicates that a big move is not far off. It feels like the next wave might be coming—does anyone have similar observations?