Bitcoin is Rising but the Structure is Still Fragile: The Price May Not Remain Permanent!

As Bitcoin (BTC) continues its journey towards new peaks, data does not support a lasting rise and the price structure remains fragile.

According to the latest data shared by Glassnode, while the price of Bitcoin is rising, it appears that the market structure is still fragile. The Cumulative Volume Delta (Spot CVD) on spot markets has been moving downward for weeks, with only rare increases observed on the buying side. Even during the recent rise that occurred yesterday evening, net selling was observed on the spot side, while aggressive buying was determined in the futures market.

According to Glassnode data, after Bitcoin touched its latest all-time high (ATH), the spot markets began to sell off, while buying in the futures markets gained momentum. This situation reveals that the current rise is not stemming from spot markets, but rather from leveraged transactions.

What do low funding rates mean?

Funding rates in Bitcoin futures are still at low levels, and they even briefly turned negative. This situation indicates that the market has not yet become crowded and that high-risk positions remain limited. However, Glassnode pointed out that the market structure is still fragile because spot markets have not confirmed this rise.

Glassnode believes that strong participation from spot buyers is essential for a sustainable rise in Bitcoin. If spot markets do not re-engage to support this rise, the current rally could reverse at any moment. Investors are urged to be cautious against temporary rises created by movements based on leveraged positions.