Bitcoin's current rally is being driven primarily by spot market buying, but the perps market is telling a different story. Funding rates have turned negative while open interest keeps climbing—a classic divergence signal. What's interesting is the spike in spot volume we're seeing, the highest in several days, which suggests real conviction behind this move rather than just leverage-fueled hype. When spot buyers dominate while derivative traders are taking profits or shorting, you're watching two different narratives play out simultaneously. Worth paying attention to how long this dynamic holds before the consensus shifts again. (Full disclosure: I'm currently long Bitcoin.)