According to CryptoQuant data, the ratio of Bitcoin spot to derivatives trading volume hit a record low.
Dylan LeClair, senior analyst at UTXO Management, said the data suggests the current market is just an endgame in which derivatives traders are fighting each other.
Spot bearish traders have mostly sold out, while spot bullish traders may have fully deployed their funds or are still on the sidelines waiting for the approval of the bitcoin spot ETF.