[CryptoQuant: The market is in a phase of pressure accumulation, not capitulation selling] According to a report by CryptoQuant cited by Jinse Finance, the basis on the Chicago Mercantile Exchange (CME) is narrowing, and the futures curve is flattening. However, unlike the market bottoms in 2018 and 2022, the current basis remains positive, and there is no occurrence of futures discount (backwardation). The market is in a phase of pressure accumulation, not capitulation selling.