The Bitcoin market is experiencing interesting fluctuations. In the first half of 2023, the price increase cycle of Bitcoin was led by the futures market, followed by a boom in the spot market. From March 2024, both of these markets saw reduced activity, but since October, trading volume has increased again, pushing Bitcoin prices higher.

Currently, although activity in the futures market has decreased, demand in the spot market is still rising sharply. This indicates a decline in speculation in futures, while buying pressure in spot is strengthening. It is forecasted that the futures market will go through periods of overheating and liquidation, contributing to the price increase of Bitcoin, thereby attracting more capital into the spot market.

Analyzing the funding rate with a 30-day EMA shows no signs of overheating, indicating that Bitcoin still has a lot of growth potential.