Gold Finance reports that Matrixport has published a chart showing that while Bitcoin has rebounded 10% in the past week, funding rates have turned negative, indicating that the rally is driven primarily by spot market buying rather than leveraged trading in the futures market.

If prices continue to rise, futures traders may turn bullish, pushing funding rates positive, which in turn could drive prices higher. Currently, short-term futures traders are not yet prepared for a market breakout, but the steady increase in spot buying could force them to change their stance and turn bullish.