The price of Bitcoin has accumulated an increase of nearly 25%, with the size of open contracts rising from 22 billion dollars to 29 billion dollars, but the funding rate remains close to zero. This reflects that, despite the price increase, some futures traders still choose to establish short positions rather than chase the rise.

This rare market structure may indicate that the market is about to experience greater volatility: if the price continues to rise, shorts may be forced to close their positions, accelerating the upward trend; if the price corrects, it may reinforce the current short position layout. Regardless of how the trend evolves, the current market structure points to an intensification of future volatility.