"The bears absolutely hate this rally. I don't believe we have ever seen anything quite like it in Bitcoin history."

Perpetual futures funding rates tell you who's paying who. When funding is positive, longs are paying shorts, the market is overleveraged to the upside. When it's negative, shorts are paying longs, traders are betting against the price.

Right now, funding is flat to negative while bitcoin pushes higher. That means this rally isn't being driven by leveraged longs piling in. It's spot demand. Real buyers.

The bears are actively shorting into this move and getting squeezed. The market is going up on conviction, not leverage, and that's a setup we haven't really seen before.