Bitcoin has dipped with more than 3% over the past week, but on-chain data suggests diverging sentiment between the spot and futures markets. According to CryptoQuant analyst, the spot market remains relatively stable, while futures activity is flashing short-term caution signals.
In the spot market:
- Retail participation and order sizes are currently neutral.
- Taker CVD (Cumulative Volume Delta) shows buyers remain dominant, reflecting underlying bullish control.
- Overall volume is cooling, signaling market stabilization rather than panic.
However, the futures market paints a different picture:
- Retail activity is climbing, which can precede volatility.
- Retail-sized orders dominate, which often hints at weak-handed leverage positions—a common precursor to short-term corrections.
- Despite that, Taker CVD still favors buyers, meaning bulls haven’t lost ground yet.
Funding Rates Turn Negative—Fear or Opportunity?
Echoing that cautious tone, another analyst from CryptoQuant highlighted a rare event: Bitcoin funding rates turned negative for the first time since BTC reclaimed the $100K level. Historically, such dips in funding have been followed by sharp recoveries, making this territory a “buy-the-dip” zone for contrarian traders.
The accompanying chart shows that similar instances of negative funding aligned with local price bottoms, providing short-term opportunity for patient investors.
With BTC currently hovering near $104K, the timing of this shift in funding could be a key inflection point.
Outlook: Balance of Strength and Caution
The data paints a mixed landscape. Spot market metrics indicate strength and accumulation, while futures show rising speculative exposure—often a signal of vulnerability. The funding rate dip underscores rising fear, which historically has marked bottoming behavior rather than top exhaustion.
If futures volatility increases while spot demand holds, Bitcoin could be setting up for a brief shakeout—followed by continuation.
The post Bitcoin: Spot Metrics Stable, But Futures Signal Potential Pullback appeared first on Coindoo.
