$STO last night's movement changed my judgment. I was initially bearish, and the reason was straightforward— the market was too rigid. Although the rally was fierce, the funding rate exploded to over 10 points. According to the old rules, such extreme rates usually lead to a quick decline afterward. And what happened? It kept fluctuating back and forth, oscillating from 0.135 down to 0.100. The first dip only reached around 0.118, without any sign of a sharp plunge.

More importantly, the performance of smart money and spot holdings didn't seem to align with a bearish trend. During the evening, after a period of sideways consolidation at low levels, something interesting occurred—after a sharp drop in spot prices in the morning, there was now a large influx of capital. The open interest on the futures side didn't decrease much either. Plus, a positive news release was backed by real cash flow support.

These signals combined suggest that the market might not be as simple as it seems. I've changed my stance to bullish. Sometimes the market can deceive, but the movement of funds is hard to lie about.