According to CryptoQuant data, the ratio of Bitcoin spot to derivatives trading volumes has hit a record low.
Dylan LeClair, senior analyst at UTXO Management, said the data showed that the current market was just a stalemate among derivatives traders, with most of the spot bearish traders having sold out, while the spot bullish traders may have fully deployed their funds or were still waiting on the sidelines for the approval of the Bitcoin spot ETF.