MAC_D
The recent BTC rally was driven by Derivatives Exchanges, not Spot Exchanges
First, looking at the 'Funding Rate', it is not an extreme value, so it is not expected to cause a sharp price correction. However, it is difficult to see that the spot exchange led the price increase when the BTC price rose yesterday. The reason is that the 'Trading Volume Ratio (Spot VS. Derivative)' shows that it has decreased rather than increased. In addition, the charts for each 'Trading Volume (Spot VS. Derivative)' show that the trading volume has been decreasing steadily compared to the rebounds made in January, March, and June this year, and it was the lowest yesterday. Yesterday's Spot Exchange trading volume: 74,699 Yesterday's Derivatives Exchanges trading volume: 1,416,108 Of course, there is a tendency for prices to change significantly even with small trading volumes because the overall liquidity in the cryptocurrency market has decreased. However, it seems that there is a need to be a little cautious about the fact that this rally leads to a dramatic rally. When prices surge, the public feels FOMO. At this time, there are many cases of making mistakes by forcibly accumulating without a plan. Therefore, it seems necessary to calm down the excitement and analyze the market by looking at the data more rationally.