According to glassnode analysis, the cumulative volume delta (CVD) of $BTC spot trading has been on a downward trend for several weeks, with a rare buyer peak only last night; while the futures CVD is on an upward trend and shows positive buying. Since Bitcoin hit its all-time high, the spot market has seen selling while the futures market has continued to buy, and funding rates have remained low. glassnode believes that futures traders are actively participating, but the spot market lacks confirmation signals. Although lower funding rates indicate that market positioning is not yet crowded, the current structure will remain fragile unless spot interest returns to the market. [Foresight News]