Matrixport: Bitcoin's rebound is driven by spot buying, while the futures market remains cautious

ChainCatcher message, Matrixport released a chart stating that although Bitcoin rebounded by 10% in the past week, the funding rate has turned negative, indicating that this rally is primarily 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, pushing the funding rate back to positive, which could further drive up prices. Currently, it seems that short-term futures traders are not yet prepared for a market breakout, but the steady increase in spot buying may force them to change their stance and turn bullish.