According to TechFlow, Matrixport released its latest chart report, pointing out that although Bitcoin rebounded 10% in the past week, the funding rate has turned negative, indicating that the rise was mainly driven by buying in the spot market rather than leveraged trading in the futures market.
If prices continue to rise, futures traders may turn bullish and push funding rates to positive, which in turn may push prices higher. At present, it seems that short-term futures traders are not ready for a market breakout, but the steady increase in spot buying may force them to change their stance and turn bullish.
