Matrixport: Bitcoin rebounds driven by spot buying, futures market still maintains a wait-and-see attitude

Matrixport released a chart stating that although Bitcoin has rebounded 10% in the past week, the funding rate has turned negative. This indicates that this rise is mainly driven by spot market buying rather than leveraged trading in the futures market.

If prices continue to rise, futures traders may turn bullish, pushing the funding rate into positive territory and potentially driving up prices. At present, it seems that short-term futures traders are not yet prepared for a market breakthrough, but steady increases in spot buying could force them to change their stance and turn bullish.