Bitcoin market trends are showing historical patterns again, with prices approaching new highs, and the open interest has also risen to a historical high of 34 billion dollars. However, the funding rate remains close to zero, indicating that the current trend is driven by Spot buying rather than leveraged contracts. The low funding rate suggests limited market speculation bubbles, and the risk of sharp pullbacks triggered by leverage is low. As a result, volatility has remained low during this cycle, and the likelihood of significant fluctuations in the short term is minimal. The structure of the Bitcoin market is evolving, with long-term funds gradually replacing short-term speculation as the dominant driving force.