Analysis: "BTC Trading Volume Low Compared to Recent Surge... Hard to Be Confident of Rally"

Although Bitcoin recently showed an upward rally aimed at recovering the $80,000 mark, analysis suggests it is difficult to be certain that the rally will continue, citing a sharp decline in trading volume and negative funding rates in the futures market during the process. According to CoinDesk, Markus Thielen, founder of 10x Research, stated in a recent report, "Low trading volume and derivatives market data cast doubt on the recent BTC rally. A cautious atmosphere is simultaneously detected behind the surface upward trend. Therefore, it is more convincing to view this rally as being driven by spot buying or short covering, rather than by investors accumulating leveraged positions and based on long-term conviction." He also diagnosed the phenomenon of the negative funding rate persisting in the BTC perpetual futures market, despite recording the highest monthly growth rate since April 2025, stating, "The current market is being driven by hedging activities of institutional investors rather than individual investors. This is due to structural changes, such as hedge funds short-selling futures for hedging purposes to manage their positions."