TechFlow reports, on June 30, Jiang Zhuoer stated that the current Bitcoin market is showing multiple bearish signals, including continuous selling pressure on spot Bitcoin ETFs and simultaneous reductions in holdings by multiple institutions; the Coinbase premium index has turned significantly negative, with discount levels approaching the range seen before the sharp declines at the end of January and May; meanwhile, funding rates in the contract market remain positive and open interest is at high levels, indicating that leveraged funds remain relatively concentrated. In his view, the combination of the above factors means that market volatility risk is rising.
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