Bitcoin is approaching its all-time high, with open interest in the perpetual futures market reaching $16 billion, indicating increased market participation. Funding rates remain moderate despite Bitcoin's price rise, suggesting tempered demand. The recent increase in Bitcoin's price is attributed to trading activity from Binance whales, impacting the Coinbase Premium Gap. While U.S. Bitcoin spot ETFs have seen significant inflows, the negative premium suggests that large Binance traders are primarily driving Bitcoin's price. The Short-Term Holder Spent Output Profit Ratio (SOPR) for Bitcoin indicates that short-term holders are selling at a profit without excessive profit-taking, leaving room for further price gains.



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