Bitcoin is reaching new all-time highs, yet there are still no clear signs of market-wide hype. The rally appears steady and controlled, which points to a healthier market structure.
One of the key metrics confirming this is the Perpetual-Spot Price Gap on Binance. This indicator clearly reflects the behavior of both large players and retail traders. When the spot price is higher than the perpetual price (a negative gap), it suggests strong spot buying activity but weak leveraged long positions. This often indicates an accumulation phase and implies that the rally is being driven by organic demand rather than speculation.
On the other hand, when the perpetual price exceeds the spot price (a positive gap), it reveals excessive long pressure in the market. This typically happens during hype-driven phases, where retail traders enter aggressively with leverage. In such scenarios, liquidity tends to build up below the price, increasing the risk of corrections or sharp pullbacks.
In summary, the current rally seems healthy. But if the Binance Perpetual-Spot Price Gap turns positive, it could be a warning sign and a potential profit-taking opportunity. As long as the gap remains negative, the upward momentum is likely to continue in a more sustainable fashion.
Written by BorisVest
