Jiang Zhuoer: Continuous ETF Selling, Market May Experience Significant Volatility

Jiang Zhuoer stated that the current Bitcoin market is exhibiting multiple bearish signals, including continuous selling pressure on spot Bitcoin ETFs and simultaneous reductions in holdings by multiple institutions; the Coinbase premium index has turned significantly negative, with the discount level approaching the range seen prior to the sharp declines at the end of January and the end of May; meanwhile, funding rates in the contract market remain positive and open interest is at high levels, indicating that leveraged funds remain relatively concentrated. In his view, the combination of the above factors implies that market volatility risk is rising.