PANews reported on May 20th, citing CoinDesk, that K33 Research stated in a report that this Bitcoin bear market is different, with exceptionally pessimistic traders limiting downside. Bitcoin traders remain on the defensive, reducing the risk of a leveraged crash. Research Director Vetle Lunde pointed out that the current slow bottoming process has not replicated the rapid reversals seen in previous bear market rallies; in fact, derivatives data points to extreme pessimism. The 30-day average funding rate for Bitcoin has been negative for 81 consecutive days, approaching its historical record, and the annualized basis for CME Bitcoin futures has fallen below 2.5%, indicating an extremely cautious level. However, open interest in Bitcoin derivatives remains high, and further price weakness could trigger volatility. K33 maintains its basic assessment, believing that the drop to $60,000 in February may have been the largest pullback in this cycle.