On September 16, Matrixport released a chart report highlighting that while Bitcoin rebounded 10% in the past week, the funding rate has turned negative. This indicates that the rally was driven primarily by spot market buying, not leveraged trading in the futures market.

If the price continues to rise, futures traders might switch to a bullish stance, driving the funding rate positive and potentially pushing the price even higher. Currently, it appears that short-term futures traders are not yet prepared for a market breakthrough, but the steady increase in spot buying may force them to change their position and become bullish.