Matrixport: Spot buying drives BTC up, speculation heat gradually dissipates

ChainCatcher message, Matrixport shares its market analysis for today, indicating that a familiar pattern is re-emerging. Bitcoin is approaching new all-time highs, with open interest rebounding to a record $34 billion, but the funding rate remains close to zero. This suggests that the current rise is primarily driven by spot buying rather than leveraged contract positions. A lower funding rate indicates limited speculative bubbles, thereby reducing the risk of severe corrections due to excessive leverage.

As a result, market volatility remains at a cyclical low, making sharp fluctuations unlikely in the short term. The Bitcoin market is evolving, increasingly dominated by long-term investors rather than short-term speculators.