Another set of data shows that there have been a large number of long positions being liquidated in the market recently, and investor sentiment remains low. After reaching a new high, Bitcoin's funding costs continue to decline, which can be seen as a warning signal for large-scale liquidation. Looking back at history, in bull markets, the price of Bitcoin often rebounded after a large amount of liquidation triggered negative funding rates. From the average funding rate of various futures exchanges, prices usually have a short-term rebound after negative funding rates, but then adjust again. However, the situation with Binance is different. Binance holds a high market share in the global market with a large number of users, among which retail investors account for a relatively high proportion. Therefore, the frequency of negative funding rates on Binance is relatively low. When Binance experiences negative funding rates, the price of Bitcoin often rises sharply. From the chart, it can be seen that two negative rates triggered a significant increase in BTC. This indicates that most investors hold a negative view of the market due to extreme fear, and even the old leeks know that the price trend of Bitcoin is opposite to public sentiment. The worse the market sentiment, the higher the BTC price will actually rise. Given that most market participants exit the market due to extreme panic, while Bitcoin prices continue to rise, we will focus on whether there will be a significant rebound after further declines and negative Binance funding rates?