Looking at the recent perpetual contract data from a leading exchange and other mainstream platforms, the bullish and bearish trading volumes still remain below the 90-day median. However, there's an interesting detail—during this recent correction, the enthusiasm for short positions has clearly been waning.

The price is falling, but the curve of the long-short ratio is converging upwards. What does this indicate? The futures market is experiencing a subtle shift—from the previous extreme pessimism of "everyone is bearish" to a more cautious attitude of "still watching and waiting."

Why is this worth paying attention to? Because it signals a break in the negative feedback loop. As long as bullish sentiment gradually recovers, the market's pricing logic has the opportunity to readjust. Traders' expectations about the market are changing, and this shift itself contains the potential for re-pricing.

The two similar curve trends on the chart actually reflect the cyclical fluctuations of market sentiment—will this bottom be firmer than the last one? Based on current data, at least the bulls are no longer so孤独.