Current state of the bears: 1. Futures negative premium has hit an all-time low; 2. The longest streak of negative funding rates in history—over 40 consecutive days. Even the 2022 FTX collapse wasn’t this extreme Normally, this would signal a market turning point. But right now, it’s institution-driven hedging behavior (e.g., MSTR arbitrage strategies, fund redemption period hedging, etc.). This is structural bearishness, not emotional, which is why we’re seeing a disconnect between positive news and price action. With this kind of market, it’s getting harder and harder for retail investors to play!