Some people always like to use the last consolidation phase as a reference. Also saw some English-speaking KOLs waving their flags. Last time, it consolidated for 1.5 months and then crashed. This time, it’s also been consolidating for 1.5 months now. Then they carve their swords on the boat, drawing lines that look pretty convincing. Honestly, there’s nothing wrong with referencing past patterns, but if you only focus on the shape and ignore the substance, and still operate like this, stubbornly shorting—well, that’s a bit of a low-IQ move. This time, funding rates have been negative for most of the time. Last time, funding rates were almost all positive and even increasing. In other words, last time retail investors were aggressively buying the dip, and the longs were overcrowded. This time, retail investors are aggressively shorting, and the shorts are overcrowded. Historically, there’s almost never been a market crash under conditions of sustained negative funding rates. That’s just how the market mechanism works.