Matrixport's report captures the essence: Although Bitcoin's open interest has reached a new high, the funding rate is almost zero, indicating that spot buying is dominating the market, which is key to a healthy market.

Recently, the whales James Wynn and that mysterious expert from Hyperliquid's leveraged bets have not caused any waves, and the core reason lies in the support of spot liquidity.

In other words, the short-term correction risk is decreasing, and the trend is becoming more stable.

If you're still waiting to buy the dip, you might need to reconsider, as this spot-driven market won't frequently provide entry opportunities.

It could directly.... smash the previous big top of 10.9 $BTC