An analysis has emerged that the short position bias in the BTC futures market is deepening. According to CoinDesk, James Aitchison, founder and Chief Investment Officer (CIO) of Caerus Global, stated at the Consensus event held in Miami, USA, "The BTC funding rate is moving at approximately -4% on an annualized basis. This is a rare structure where long position investors actually receive funding fees. This situation reflects a divergence within the derivatives market. In fact, even when the BTC price surpassed $75,000 last April, the funding rate dropped to its lowest level since 2023. He explained, "In the past, after similar phenomena occurred, BTC showed an upward trend in the mid-to-long term."