The rally may not be sustainable, according to Arcane Research.
From the end of June through now, FTX’s market share has grown from 9% to 16%.
The recent spike in trading volume could signal that when there’s a market move, interest and activity quickly return.
The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.
The declining futures premium indicates uncertainty about bitcoin following a 35% correction in May and another 12% drop already this month.
The drop in market sentiment follows the past week's bitcoin price plunge, according to Arcane Research.
Bitcoin's funding rate turned negative over the weekend, which typically precedes price recoveries.
Bitcoin futures traders are becoming more bullish with extreme upside leverage.
According to Arcane, the new corporate buyers appear intent on keeping the cryptocurrencies for the long term "and see further upside potential in bitcoin."
Markets still remain bullish; retail traders take to derivatives.
Though the industry is growing rapidly, a very small portion of addresses hold the majority of assets being locked and borrowed in the DeFi space.