Bitcoin's price has struggled to extend gains after approaching the $80,000 level, but traders on Binance are increasing leveraged long positions. CryptoQuant analyst MorenoDV shared data revealing a growing divergence: funding rates are rising even as aggressive spot buying activity keeps weakening.
Funding Rates Turn Positive, Taker Buy Volume Hits New Lows
Charts from MorenoDV show that Bitcoin perpetual funding rates on Binance have gradually moved back into positive territory. Typically, positive funding signals bullish sentiment among derivatives traders. However, at the same time, Binance taker buy volume – a metric tracking aggressive market buy orders that reflect real-time conviction – has been trending lower across multiple months, printing lower highs and lower lows.
“Sustainable rallies usually require expanding demand,” MorenoDV noted. Yet the current market shows the opposite pattern: leverage is climbing while actual capital inflows are declining. The analyst warned that this structure may become increasingly fragile if spot demand fails to recover soon.
Historical Patterns Suggest Rising Volatility Risk
MorenoDV pointed to historical periods where similar divergences appeared before heightened volatility. Earlier cycles showed that declining aggressive demand often reduces the strength behind upward price moves, making leveraged rallies vulnerable once momentum fades.
Bitcoin's near-term price structure already shows signs of exhaustion. Taker buy volume has been making lower highs, indicating fewer traders are willing to buy aggressively at market prices. The market now depends more heavily on speculative positioning than genuine demand expansion, meaning any sudden price drop could pressure leveraged longs and increase liquidation risks across derivatives markets.
“Rising funding rates should not automatically signal market strength during weakening demand conditions,” MorenoDV said. Instead, the divergence between leverage and spot activity may expose Bitcoin to higher short-term instability if buying pressure remains subdued.
The analyst added that Bitcoin still has room to stabilize if aggressive buying activity improves again. But current behavior suggests optimism continues rising faster than actual participation on spot exchanges.