Zhou Lele, deputy chief operating officer of Victory Securities, said that Funding rates (reflecting the interest rate paid by bulls to bears) were negative, indicating that the shorts in the contract market were more successful; while the thin spot depth showed obvious downward resistance. The divergence between futures and spot may indicate that short-term bear sentiment dominates the market, but there is a market backing force at a certain price point. According to on-chain data, virtual assets were transferred out in large quantities, and giant whales may have accumulated chips at this time. Last Monday, 273,000 Ethereum (cost about $2,500) was raised to the chain, equivalent to about $68 million; on Friday, 44,000 Bitcoin (cost about $59,500) was raised to the chain. According to experience, the outflow of bitcoin is often accompanied by a price recovery. Reasons may include: investors become more positive about future price expectations and choose to actively buy and build positions during this period. The virtual asset market is in need of a key turning point, ushering in the joint force of over-the-counter purchases, breaking through the shock and going out of the way. And the hesitant wait-and-see attitude of the market may also provide investors in value investing with the opportunity to absorb low-priced chips.