The divergence between spot and futures at the daily level of BTC perfectly aligns with the dominant futures market background we've been discussing.

BTC's price is indeed relatively high, so the source of funds for upward movements can only come from the futures market (mainly from short positions).

Such a large-scale divergence is usually a bearish sign, but it is important to note that just because a divergence occurs does not mean that the upward trend will stop. As long as there are continuous short positions, the price can still make new highs on smaller timeframes.

Referencing the end of 2021...

What remains crucial now is whether the spot buying will be willing to take over, and BTC's spot premium index will reflect the purchasing trends of these dollar funds in real-time.