Matrixport: Bitcoin Rally Driven by Spot Purchases, Futures Market Remains Cautious

Matrixport has released a chart indicating that while Bitcoin has rebounded by 10% over the past week, the funding rates have turned negative. This suggests that the recent price surge was primarily driven by spot market purchases rather than leveraged trading in the futures market.

Should the price continue to rise, futures traders may shift to a bullish stance, potentially pushing funding rates back into positive territory, which could further drive up the price. Currently, it appears that short-term futures traders are not yet prepared for a market breakout. However, the steady increase in spot purchases may compel them to change their outlook and adopt a more bullish position.