According to online reports, Bloomberg disclosed that CME's Bitcoin basis (that is, the difference between spot and futures prices) climbed to a three-month high, while the number of open contracts grew moderately, and the market once again increased its holdings of long positions. Early signs are healthy and obvious. At the same time, in the bitcoin options market, heavy positions used to hedge against the risk of a sharp decline have gradually been lifted, but the offshore perpetual contract market has sent different signals. Open interest in perpetual contracts has increased significantly in the past few days. In the past 36 hours, nominal open interest has soared 8.4%, and funding rates have remained in negative range, indicating a slightly short market sentiment. The so-called "perps"(perpetual contracts) are the main tool used by investors outside the United States to bet on crypto assets. They have no expiration date and realize the transfer of the cost of holding positions through funding rates. If the funding rates are negative, it means that the overall market is short.