Recently, the NTRN contract fee rate has shown abnormal signals, currently dropping to an extreme negative value of -1.36%. In simple terms, the bears are now continuously paying the bulls, and the funding cost pressure within just a half-hour cycle is quite significant.

Let's take a look at what the market data says. The perpetual contract open interest is at 7.197 million, with a 24-hour trading volume of 44.019 million, indicating active trading. However, the long-short position ratio is only 1.0172, which is basically balanced. The issue lies here — under such an exaggerated negative fee rate, the open interest hasn't shrunk noticeably, suggesting that the bulls are not retreating at all; instead, they seem to be accumulating or defending stubbornly.

The liquidation data further illustrates the problem. Short liquidations amount to 127,200, while long liquidations are 52,600, meaning the amount of shorts being wiped out is more than double that of longs. This is a typical pre-short squeeze cleanup scene — shorts are bleeding, longs are taking profits, not only harvesting opposing positions but also extracting liquidity from the fee rate.

However, risk cannot be ignored. The spot trading volume in 24 hours is just over 5 million, while the contract volume is 44 million, clearly driven by leverage. If BTC continues to face downward pressure, NTRN, as a small-cap coin, could easily be dragged down, and negative fee rates might turn into a bearish signal. Currently, there are no major black swan events or abnormal news about the project.

From an operational perspective, if you want to participate, you can consider entering near the current price, but leverage should be controlled carefully, ideally between 5-10x. Avoid chasing high-multiplier orders. The first take-profit target can be set at a 10-15% increase above the entry, based on recent volatility estimates. If a short squeeze truly triggers, a quick rebound can be expected. Stop-loss should be strictly placed 3% below the entry price or at the nearest key support level. Risk management must be strict, ensuring you can exit promptly when the market suddenly turns and bears continue to push down.