Internet reports that although bitcoin prices have risen more than 12% in the past week, derivatives market data shows short-term bearish sentiment. Glassnode data shows that the Open Interest in Bitcoin perpetual contracts has increased to approximately 218,000 BTC, an increase of 15.6% from the beginning of March, indicating that increased leverage use may lead to increased market volatility. In addition, the average bitcoin futures funding rate dropped to approximately-0.023%, indicating that short positions dominate and contract prices are lower than spot prices, further reflecting weakening market demand for long positions.