Matrixport: Spot buying drives Bitcoin up, speculative heat gradually dissipates

BlockBeats news, on May 21st, Matrixport shared its market analysis today stating that "a familiar pattern is reappearing. Bitcoin is approaching a new historical high, with open contracts rebounding to a record $34 billion, but funding rates are still close to zero. This indicates that the current rise is mainly driven by spot buying, rather than leveraged contract positions. The lower capital rate means that the speculative foam is limited, thus reducing the risk of drastic adjustment due to excessive leverage. Therefore, market volatility is still at a cyclical low point and it is unlikely to experience significant fluctuations in the short term. The Bitcoin market is evolving, increasingly dominated by long-term investors rather than short-term speculators