Analyst warns of 'dangerous divergence' in Bitcoin market

On-chain analyst Moreno has warned that a growing divergence between derivatives market optimism and weak underlying demand is creating a vulnerable structure for Bitcoin. Moreno explained that while Bitcoin has shown weakness after failing to rebound, funding rates on Binance perpetual futures have turned positive again, indicating a dominance of long positions. However, he noted that this optimism is not supported by actual buying pressure, as limit buy volume in the futures market continues to decline and spot demand remains stagnant. This combination, Moreno argued, creates a fragile market environment and a potentially dangerous disconnect.