BTC trend observation: Funding rates continue to rise at the end of the year, which may seem unfriendly on the surface. But the deeper reason might not be so pessimistic — my judgment is that this wave is mainly due to heavy selling pressure from the spot market offsetting the continuous influx of perpetual longs. In other words, longs are increasing their positions, but spot investors are reducing theirs. The key is to see what happens next. If the selling pressure from the spot dominates this wave of market movement, then after the year-end tax loss harvesting wave passes, the funding rate may naturally decline. In this case, the rebound space could be quite significant. But if longs accumulate excessively, the risk is also considerable. The market structure is very delicate.