Was the accumulation before this BTC pump done through spot positions? It seems so. Today, when I was checking the funding data for BTC and ETH, I noticed something strange. ETH hasn’t seen much spot accumulation recently, and it’s mostly being sold off. Looks like market sentiment hasn’t caught up yet—people are taking profits and selling. But for BTC, the spot funds tell a completely different story, with $1 billion accumulated and very little selling. Wait a second, same market, how can there be such a big difference? The most likely explanation is that BTC whales are using spot positions to accumulate this time and then pumping with contracts. On the other hand, ETH whales seem to be accumulating through contracts but haven’t participated in spot buying. Retail investors are selling ETH to break even or take profits. The advantage of contract trading is that accumulation is faster, pumps are quicker, and leveraging can save on the funds needed for pumping. That’s why market-making for major coins is usually done through contracts—it’s cost-effective and efficient.