Matrixport: The Bitcoin Market Structure is Evolving, with Long-term Capital Gradually Becoming the Dominant Driving Force

星球日报2025/05/21 07:17

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Matrixport released a chart today indicating that Bitcoin is once again following historical trends, with prices nearing new highs and open interest rising to a historic high of $34 billion. However, funding rates remain close to zero, suggesting that the current trend is driven by spot buying rather than leveraged contracts.
The subdued funding rates imply limited market speculation bubbles, reducing the risk of sharp corrections triggered by leverage. As a result, volatility remains low in this cycle, with little likelihood of significant fluctuations in the short term.
The Bitcoin market structure is evolving, with long-term capital gradually replacing short-term speculation as the dominant driving force.

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