The whole market is basically short now.

Looking at the data, the 30-day cumulative funding rate has dropped into negative territory for the first time since bottoming out at the end of 2022.

Simply put, over the past month, shorts have been continuously paying longs.

This kind of comprehensive suppression of short positions last occurred during the May 19 crash in 2021 and the FTX collapse in 2022.

The current market action is genuinely boring, and people who were originally in the game are slowly withdrawing. But honestly, every time when everyone feels most bored and most hopeless, that's actually when the risk-reward ratio (R:R) is best for entry.