An analysis suggests that while Bitcoin recently showed a rally aimed at recovering $80,000, it's difficult to be confident about the rally's sustainability due to a sharp decrease in trading volume and the funding rate remaining negative in the futures market. 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 sentiment is simultaneously detected beneath the surface rise. Therefore, it is more convincing to view this uptrend as being driven by spot buying or short covering, rather than being led by long-term conviction investors building up leveraged positions." He also diagnosed the phenomenon of a persistent negative funding rate in the BTC perpetual futures market, despite recording the highest monthly increase since April 2025, as "the current market being driven by institutional investors' hedging activities, not retail investors. This is due to structural changes, such as hedge funds short-selling futures for hedging purposes to manage their positions."
