Although the price of Bitcoin has reached a new high, the funding rates across major exchanges remain at a neutral level, showing no signs of overheating. This reflects that the recent rise is not driven by leveraged speculation, but rather by actual spot buying.

The funding rate serves as a thermometer for the derivatives market; excessively high rates usually indicate 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 genuine buyers from the spot market. This may be closely related to the continuous inflow of ETF funds, the gradual positioning of institutional investors, and retail investors' long-term holding strategies for Bitcoin.
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