According to Foresight News, analysis by Glassnode reveals a divergence in Bitcoin trading trends between spot and futures markets. The cumulative volume delta (CVD) for spot trading has been declining for several weeks, with a rare peak in buying activity observed last night. In contrast, the futures CVD is on the rise, indicating active buying.

Since Bitcoin reached its all-time high, the spot market has experienced selling pressure, while the futures market continues to see buying activity. Funding rates remain low, suggesting that market positioning is not yet overcrowded. Glassnode notes that futures traders are actively participating, but the spot market lacks confirmation signals.

The current market structure is considered fragile unless interest in the spot market returns, despite the low funding rates indicating a lack of congestion.