CryptoQuant analyst BorisVest highlights a persistent trend: Bitcoin perpetual futures have traded below spot prices since December. This unusual condition suggests spot buyers are currently driving the market, while futures traders exhibit less influence. Historically, this pattern often signifies an accumulation phase, where long-term investors gradually build their positions. The sustained discount in futures prices indicates a cautious sentiment among leveraged traders. They are seemingly unwilling to pay a premium for future Bitcoin exposure, reflecting potential concerns about short-term price corrections. If Bitcoin futures prices eventually break above the spot price, it could signal increased speculation and potentially heightened market volatility. Such a shift might even precede a price correction, as excessive leverage often amplifies market swings. Investors should monitor this dynamic closely to anticipate potential market shifts. ```

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