Current state of the bears: 1. Futures market negative premium has hit an all-time low; 2. The longest negative funding rate in history—over 40 consecutive days. Even the 2022 FTX collapse wasn’t this extreme Normally, this would signal a market turning point, but this time it’s driven by institutional hedging behavior (e.g., MSTR arbitrage strategies, fund redemption period hedging, etc.). It’s structural bearishness rather than emotional, which is why we’re seeing a disconnect between positive news and price action. Retail traders really have it tough!