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Although the price of Bitcoin has reached a new high, the funding rates at major exchanges remain at a neutral level, showing no signs of overheating. This reflects that this rise is not driven by leveraged speculation, but rather by actual spot buying.
The funding rate serves as a thermometer for the derivatives market; a rate that is too high usually indicates that market participants are overly optimistic, which can easily lead to price corrections. Currently, the rate is close to the benchmark level of 0.01%, indicating that the main force driving Bitcoin to new highs is not high-leverage speculators, but rather real buyers from the spot market. This may be closely related to the continuous inflow of ETF funds, the gradual accumulation by institutional investors, and retail investors' long-term holding strategy for Bitcoin.
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