Shenchao TechFlow news, June 30: Jiang Zhuoer stated that the Bitcoin market is currently showing multiple bearish signals, including sustained selling of spot Bitcoin ETFs and simultaneous reduction in holdings by multiple institutions; the Coinbase premium indicator has turned significantly negative, with the backwardation level approaching the range before the sharp drops at the end of January and the end of May. Meanwhile, contract market funding rates remain positive and open interest stays at high levels, indicating that leveraged funds are still relatively concentrated. In his view, the combination of these factors suggests that market volatility risk is rising.