Here’s a truth that will overturn your perspective: #BTC spot trading volume accounts for only 7.2% of futures

That means

① 92.8% of your trading counterparts are professional-level institutions or whales

② The candlestick charts you see are not the real market; they involve layers of arbitrage/hedging

③ The trading logic you are accustomed to may not hold true, such as market manipulation/precise order placement

The two recent divergences - BTC price and spot proportion

① First: 3.10(78000)-3.27(87000)

② Second: 4.28(95000)-now(103000)

What do these two divergences have in common?

First is favorable government regulatory policies: On March 6, Trump signed the federal Bitcoin strategic reserve executive order and voted on the stablecoin bill. The BTC reserve bill in states like Arizona at the end of April

Second is the release of short-selling sentiment, forming an upward trend. In March, Bitcoin dropped to a low of 76000, reaching a bottom price, and at the end of April, 95000 successfully established a new bottom, with the futures market decisively intervening.