This is an important post. We’ve never had this kind of negative funding whilst BTC is rising. My view on this is that there has never been a larger disconnect between what price is doing and what investors think it should be doing. I would argue that we have never had a more bearish sentiment, ever. This has infected market participants to the point they cannot see anything but lower. And even as price rises, they double down. I’ve never seen a period where the macro looks so good and the thoughts on bitcoin are so bearish.