The US stock market has recently pulled Bitcoin down again, causing the coin price to decline accordingly. However, at the same time, the spot price has become a bit more expensive compared to futures (which means the premium has returned), and the funding rate for futures has also started to drop. This usually indicates that many people are shorting in the futures market, preparing to bet on a rapid price drop "flash crash" trend.

But from another perspective, this expectation has instead reduced the risk of a continued significant fall in the short term. Because everyone is waiting for a crash, it is actually less likely that a real crash will occur.
On the other hand, investors in the Spot market are not in a hurry to sell, but have instead stabilized the price. This has resulted in the Spot price being higher than the futures, leading to an increase in the premium. Overall, the market estimates that this price range will continue to fluctuate for a while.