Looking at the latest data from Coinglass, it's a bit heartbreaking. The funding rates on mainstream trading platforms and DEXs have collectively fallen below 0.005%. Feel the significance of this number—the benchmark rate is 0.01%, and now it's less than half.

The most heartbreaking part is the BTC long-short ratio across major exchanges, which is hovering around 49:51. It sounds close, but it's actually a clear signal that the bears are dominating. Market sentiment is so cold it’s practically freezing.

What does such an extremely low rate mean? It indicates that few longs are willing to take the risk anymore. The bears hold absolute dominance here, and the cost for longs is being squeezed tightly. In the short term, this situation is hard to reverse unless some unexpected positive news comes to shake things up.