In the current perpetual contract market, long positions pay short positions a capital fee of $390000 per hour, far exceeding the 7-day average of $220000. It indicates that those who are long in the market are clearly dominant, and the higher the cost, the greater the willingness of long positions to pay the price of holding. Since the average turned from negative to positive on May 12th and 7th, this trend has been maintained, especially in recent days when it has become more severe. The extremely high cost of funds means heavy holding costs, and long positions cannot indefinitely subsidize short positions, so time is on the side of short positions. As long as the price cannot rebound quickly, some long positions will voluntarily close due to cost pressure. However, we see that OI is already in a downward trend, indicating that clearing and reducing positions are happening. If the price breaks through the key level again, it is easy to trigger a chain of strong flat, and passive selling will accelerate the decline, which is a typical path of "long squeeze". This is exactly the opposite of the situation where prices continue to rebound after April 14, 2026. At that time, the 7-day average of long premiums changed from positive to negative, and there has been a continuous negative premium since then. However, sometimes extreme funding costs can also lead to a wave of "harvesting bulls" followed by reverse short selling. But I am more inclined towards the main tone of 'downward squeeze risk is greater than upward short squeeze'. At this point, it is actually a reminder to contract players that the difficulty of trading has increased, especially when spot demand and on chain activity have dropped to freezing point, they should be cautious when playing games. However, small partners who invest in spot goods or gradually establish long-term positions can continue to adapt to changes without change.