$BTC Price continues to slowly trend lower while funding remains highly positive.



At the same time, open interest started increasing significantly again as soon as the markets reopened, showing that new positions are entering the market despite the recent selloff.

What makes this especially concerning is that spot has started selling again after briefly stabilizing over the weekend.

In other words, we're once again seeing spot pressure to the downside while perp traders continue leaning long.

For now, the market still appears heavily dependent on perps while spot demand remains absent.

As long as that doesn’t change, I don’t see a strong case for a sustained move higher.
BTC-2.87%
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GateUser-0b71fc11
· 6h ago
Funding positive + Open Interest increase + Spot selling = ?
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GateUser-9d67589f
· 6h ago
Classic move, retail traders go long on perpetuals, smart money exits spot.
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GovernanceMoodboard
· 6h ago
There is no demand for spot trading; relying solely on contracts can't sustain it.
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BluePeonyDarkroom
· 6h ago
Longs are swimming naked; you'll find out when the water recedes.
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TheMoonReflectsOnTheTranquil
· 6h ago
Let's wait until spot flows back before talking, can't risk pushing now.
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FoldedYield
· 6h ago
This structure is so familiar; it's always like this.
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BittersweetArb
· 6h ago
Short fuel is accumulating, waiting for a liquidation.
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BluePeonyPlan
· 6h ago
Funding is so high, spot trading is still selling, which is indeed a bit risky.
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