The divergence suggests that while spot demand is strengthening, the derivatives market is not positioned for aggressive upside.
For May, rising shark accumulation with flat-to-negative funding suggests Bitcoin may see a controlled pullback or sideways grind, not a clean bullish breakout.
Larger holders are buying spot, but hedging through futures shows they remain cautious about near-term downside. That means dips may attract buyers, but rallies could stay capped unless funding improves, keeping the $63,000–$69,000 area in focus.
USDT Liquidity Strengthens Bitcoin’s May Upside Case
Bitcoin’s liquidity backdrop has turned decisively bullish as Tether’s stablecoin USDT‘s market cap growth flips from contraction to expansion.
CryptoQuant data shows Tether’s 60-day market cap change staging a sharp V-shaped rebound after falling below zero in early 2026, signaling fresh capital returning to the market.