Odaily News Matrixport released today's chart, saying that Bitcoin market is reappearing historical trends, with prices approaching new highs and open interest rising to a historical high of $34 billion. However, the funding rate is still close to zero, indicating that this round of trend is driven by spot buying rather than leveraged contracts.
The low funding rate means that the market speculative bubble is limited and the risk of a sharp pullback caused by leverage is low. As a result, volatility remains low in this cycle and is unlikely to fluctuate sharply in the short term.
The structure of the Bitcoin market is evolving, with long-term funds gradually replacing short-term speculation and becoming the dominant driving force.