According to Glassnode's latest report, Bitcoin surged to $106,000 earlier, primarily driven by strong demand in the spot market, with a daily net buying pressure on Coinbase reaching as high as $45 million. Unlike previous surges dominated by leveraged speculation, this time it is mainly driven by the natural accumulation in the spot market. The report points out that Bitcoin has seen a significant turnover in the range of $93,000 to $95,000, which has now become a key support level, overlapping with the cost basis of investors who entered the market over the past 155 days.
The derivatives market shows signs of lagging, with the open interest of perpetual contracts dropping by 10%, from 370,000 Bitcoins to 336,000, which may indicate that shorts are being liquidated. However, the funding rate remains neutral, suggesting that leveraged long positions have not yet overheated, which could provide momentum for further pumps, with Bitcoin spot ETF inflows.