According to on-chain data from CryptoQuant, this subdued rally may actually be a sign of a healthier, more sustainable bull market.
A key metric supporting this view is the Perpetual-Spot Price Gap on Binance. Currently, the gap is negative, meaning the spot price of BTC is higher than the perpetual futures price.
This suggests strong spot buying—typically associated with accumulation by long-term holders—while leveraged long positions remain relatively weak.
Historically, a positive gap—where perpetuals trade above spot—signals retail-driven hype and speculative overexposure, often leading to corrections as liquidity pools beneath the price get tested.
In contrast, the ongoing negative gap indicates the rally is being powered by organic demand rather than leverage, hinting at structural strength. Analysts note that this dynamic could allow Bitcoin to climb further without triggering the typical boom-bust cycles.
However, CryptoQuant cautions that a shift to a positive gap could be a profit-taking signal and a potential precursor to volatility. Until then, the outlook remains bullish and disciplined.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/bitcoin-hits-new-all-time-high-but-without-the-usual-hype-heres-why-thats-bullish/