According to ChainCatcher news, Matrixport released a daily chart stating that Bitcoin is currently digesting the price surge of the past few weeks. During this period, futures open interest surged from $18 billion in October to $29 billion, an increase of 50%. Meanwhile, the funding rate in the Bitcoin market skyrocketed from over 10% to a peak of over 80%. Historical data shows that after such rapid accumulation, there is usually a brief consolidation period, after which the bull market may continue.
This pattern may reoccur, especially during the Christmas holiday when trading volume is relatively low. Traders are now turning their attention to the new year, hoping for new capital inflows that could drive prices up and reignite the upward trend.
