Bitcoin's Recent Surge Driven By Spot Market Buying, Says Matrixport

According to Odaily, Matrixport has released a chart indicating that although Bitcoin has rebounded by 10% over the past week, the funding rate has turned negative. This suggests that the recent price increase has been primarily driven by spot market buying rather than leveraged trading in the futures market. If the price continues to rise, futures traders may turn bullish, potentially pushing the funding rate into positive territory and further driving up the price. Currently, short-term futures traders do not appear ready for a market breakout, but the steady increase in spot market buying could force them to change their stance and become bullish.