According to cryptocurrency analyst Murphy, in the perpetual contract market, long positions pay short positions approximately $390000 in funding fees per hour, which is higher than the 7-day average of $220000, indicating that long positions have an advantage, but the cost of holding long positions is relatively high. Since the 7-day average of capital fees changed from negative to positive on May 12th, the bullish premium has continued to expand, especially in recent times. Murphy pointed out that high funding costs are difficult to maintain in the long term, and if BTC falls below key support levels, it may trigger a series of strong flat lines, forming a "bull squeeze". He reminded that spot demand and on chain activity are low, and suggested cautious participation in leveraged trading.
