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Two Prime CEO Alexander Blume argues Bitcoin's rebound still has upside because short volatility positioning is unwinding while funding rates stay subdued and call selling persists, meaning the move is not yet leverage-driven. The transmission channel is derivatives market structure rather than spot demand: covering of short vol and short gamma exposure forces mechanical hedging bids that can extend the move, and low funding leaves room for perpetual futures leverage to build before crowding becomes a risk. Watch for perpetual funding rates flipping sharply positive, a jump in open interest, or a shift from call selling to aggressive call buying, since any of those would signal the speculative phase has arrived and raise downside gap risk for BTC and high-beta altcoins.
As a Research signal, watch whether it changes price action, volatility, or flows around BTC.
Original Source: CoinDesk
This page is market information analysis, not investment advice.
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Influencer Threads
The author notes that Bitcoin has fallen into the roughly $78,300 zone marked in blue and that a retest of that level is currently underway, with a comparison drawn to a similar instance earlier this year. This is the author's chart-based read on BTC price structure, and the remainder of the comparison is not fully available in the post.
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