Victory Securities: Funding Rates fall by half, the short-term direction of Bitcoin is not one-sided

Victory Securities Deputy Chief Operating Officer Zhou Lele stated in an analysis that the risk of macro and high-level negative impacts on the cryptocurrency market has passed, with more risks now focusing on expected returns. For example, after media reports about the "Government Efficiency Department" (abbreviated as DOGE) led by American entrepreneurs Musk and Ramaswami, Dogecoin ($DOGE) only increased by 5.7%, while it surged 83% in the week when US election results were announced. Last week saw a net inflow of $1.67 billion into off-exchange Bitcoin ETFs, with exchange contracts and CME contract holdings remaining high. However, funding rates have halved and fallen back, indicating that Bitcoin's short-term direction is not one-sided; bears are also accumulating strength.