Matrixport released a chart saying that although Bitcoin has rebounded by 10% in the past week, the funding rate has turned negative, indicating that the rally is mainly driven by buying in the cash market rather than leveraged trading in the futures market.
If prices continue to rise, futures traders could turn bullish, pushing funding rates into positive territory, which in turn could push prices higher. For now, short-term futures traders are not ready for a market breakout, but a steady increase in spot buying could force them to change their stance and turn bullish.
Matrixport: Bitcoin rally driven by spot buying, futures market remains on the sidelines
2024-09-16 07:04:22
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