The recent financing rate of LUMIA has fallen to -0.9, and this extreme level is indeed worth following. Although the rate settles every four hours, it reflects the power comparison between long and short positions—long-term shorts are fighting for discourse power.

From a price perspective, there is still a lot of room for imagination at the current position. Large funds in the market usually do not allow bulls to feel too comfortable, and there is a high probability of continuously pushing up to accumulate positions, during which process a batch of low-position following orders will inevitably be cleared out.

Looking at it from another angle, the negative fee rate itself is a cost advantage for long positions, and in the short term, the bullish stance may be further strengthened. However, the risks are equally evident—when expectations reverse, those late entrants will be the first to face pressure.