This month, Bitcoin has mostly traded between $105,000 and $110,000, remaining near its all-time high. However, on Binance, futures prices continue to lag behind spot prices.
Spot Prices vs Futures
Analysis by CryptoQuant indicates that the current negative delta (the difference between spot and futures prices) shows that spot prices of Bitcoin have consistently been above futures prices. This means that the current market rally is largely supported by spot buyers rather than margin traders on Binance.
Institutional Accumulation of Bitcoin
A report by Bitfinex Alpha indicates that bulls are maintaining structural control. Bitcoin has defended the realized price for short-term holders at $98,220, hinting at constructive bullish momentum amid volatility. The rising cost basis for short-term holders near $99,474 suggests continued accumulation by new participants.
Market Prospects Ahead
Considering the current market situation, it is important to note that the delta structure indicates a healthier rally as it is not driven by excessive leverage. A flip from negative to positive delta could signal an influx of leveraged long positions, which often precedes local tops or corrections.
Currently, despite strong demand in the spot market, the next phase of the market will depend on how and when Binance's futures markets catch up to spot prices, as the delta will serve as a key signal for potential volatility.
