Jiang Zhuoer has highlighted several bearish indicators in the Bitcoin market, suggesting potential for increased volatility. He noted continuous selling pressure on spot Bitcoin ETFs and reductions in holdings by multiple institutions. Additionally, the Coinbase premium index has turned significantly negative, nearing discount levels seen before sharp declines earlier this year. Zhuoer also pointed out that funding rates in the contract market remain positive, with open interest at high levels, indicating concentrated leveraged funds. These factors combined suggest a heightened risk of market volatility, according to Zhuoer.