BTC trend observation: The price continues to rise, open interest (OI) increases simultaneously, but the funding rate decreases. The phenomenon reflected behind this is quite interesting — the spot side is continuously buying to push up the price, while short positions are accumulating in the perpetual contract market. Simply put, the incremental buying on the spot side is gradually filling the gaps created by short positions. As long as there is ongoing buying pressure on the spot side, these accumulated short positions will become the driving force for the next rally. The market structure is very clear; the key is whether the spot side can maintain this momentum.