glassnode: Bitcoin’s Current Price Rebound Is Mainly Driven by Leverage, with Insufficient Spot Demand
According to Foresight News, glassnode analysis shows that the cumulative volume delta (CVD) of BTC spot trading has been on a downward trend for several weeks, with a rare surge in buying activity only occurring last night. In contrast, futures CVD is trending upward and indicates active buying. Since Bitcoin reached its all-time high, the spot market has seen selling pressure while the futures market continues to buy, and funding rates have remained low. Glassnode believes that futures traders are actively participating, but the spot market lacks confirmation signals. Although the relatively low funding rates suggest that market positioning is not yet crowded, the current structure will remain fragile unless spot interest returns to the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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