A recent phenomenon worth noting in this rebound is that the contract funding for BTC and ETH is rapidly selling off, and after funds exit, the market quickly pulls back. Even before the price rises, the funding side remains predominantly bearish, indicating that there is no real incremental capital stepping in.

The operational logic at this point becomes clearer. If on-chain data monitoring reveals that large funds are continuously fleeing, then taking profits and shorting becomes the optimal defensive strategy; but if the funds fluctuate without signs of large-scale exit, then it’s better to hold the position and wait for a bigger market move. The key is to learn to distinguish between these two situations—whether the funds are truly fleeing or just experiencing short-term technical oscillations. Regularly checking the actual data of the contract funding will make these judgments more accurate.