The divergence in the daily chart of Bitcoin perfectly aligns with the dominant futures market backdrop we have been discussing.

Currently, Bitcoin prices are indeed relatively expensive, so the source of funds for the rally can only come from the futures market (mainly short positions).

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

Referencing the end of 2021...

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