The first thing I did when I woke up this morning was to take a look at what had happened in the market in the past one to three days The real keyword these days is not actually price, but the rhythm has been disrupted again Let's talk about macro first The US stock market is fluctuating at a high level, but internal differentiation has clearly begun The index hasn't fallen much, but many strong stocks in the technology sector are starting to weaken Funds are no longer blindly chasing higher, it's more like finding a 'safe haven' to slowly move down This state usually does not collapse immediately, but it can make risky assets uncomfortable Looking at the crypto market again Bitcoin is repeatedly pulling around 69000, but its sense of direction is still weak It's not the kind of bullish oscillation that dominates, but rather the oscillation that makes it difficult for whoever chases after them Every rally is very decisive, but the continuity is extremely poor Every time I step back, it's not too deep, and the bears dare not act recklessly This leads to a result - emotions are repeatedly consumed without giving an answer What is truly worth noting are some 'minor changes' that have occurred in the past 48 hours The position of perpetual contracts is at a high level and has not continued to expand The funding rate has repeatedly reset to zero or even briefly turned negative This indicates that there are already people in the market who are unwilling to pay for direction Before the trend market ends, there is usually a stage where no one wants to pay first Shanzhai is even more intuitive here Many currencies are not stagnant, but stagnant When rebounding, it follows slowly, but when rebounding, it is not ambiguous at all This indicates that it is not a panic escape But rather, funds are actively making choices and concentrating chips into fewer targets In the past one to three days, I have been paying more attention to a signal Every time Bitcoin rises, the trading volume of spot cannot keep up More importantly, contracts are pushing prices If this structure continues, it will be difficult to achieve a clean unilateral outcome So the current market is more like waiting for a 'reason' Not waiting for a certain K-line But waiting for a variable that can break the current balance It may come from a macro perspective or from an unexpected event Until then, the price is likely to remain in this uncomfortable state If one must describe the present in one sentence That is: the trend hasn't died, but it hasn't come back to life either The easiest mistake to make at this stage is to treat every rebound as a beginning Or treat every step as the end The market is dragging time And what really needs to be consumed is often human patience