TechFlow reported, Matrixport released its latest chart report indicating that although Bitcoin rebounded 10% over the past week, funding rates have turned negative, suggesting this rally has been primarily driven by spot market buying rather than leveraged trading in the futures market.
If prices continue to rise, futures traders may turn bullish, pushing funding rates back into positive territory, which could further drive up prices. At present, short-term futures traders do not appear prepared for a market breakout, but steadily increasing spot buying may force them to shift their stance and adopt a bullish outlook.
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