TechFlow, May 21 — Matrixport released a chart today showing that Bitcoin's price is approaching its all-time high, while open interest has climbed to a record $34 billion. However, funding rates remain close to zero, indicating that the current rally is primarily driven by spot buying rather than leveraged contracts.
Low funding rates suggest limited speculative bubbles in the market and a lower risk of sharp pullbacks triggered by leverage. As a result, volatility in this cycle has remained low, making significant short-term fluctuations unlikely.
Analysis shows that Bitcoin's market structure is shifting, with long-term capital gradually replacing short-term speculation as the dominant market force, signaling a more mature and stable phase of development.
