According to Matrixport data, Bitcoin is currently digesting the surge of the past few weeks. Its open contract volume has increased from $18 billion in October to $29 billion, an increase of 50%. At the same time, the Bitcoin funding rate also soared from 10% to a high of 80%. Historical data shows that after such rapid position building, there is usually a brief consolidation period, followed by a possible continuation of the bull market.
Analysts believe that this pattern may reappear, especially during the Christmas holiday when market trading is light. Investors are turning their attention to the new year and expecting new capital inflows to further drive up Bitcoin prices.