Woofun AI reports that Bitcoin rebounded from $58,000 to nearly $64,000 while spot relative trading volume declined sharply. Analyst Murphy noted this lack of spot demand support suggests a sentiment-repairing rally rather than a trend reversal. The USDC/USDT exchange rate dropped from 1.001 to 1.0006, indicating reduced selling pressure, and stablecoin net outflows are narrowing.

Derivatives weight is increasing as spot momentum weakens. The perpetual contract long position premium 7-day moving average rose to $160,000 per hour, showing Taker buying pressure pushing prices above spot. Although open interest remains higher than February levels, the current long premium is normal.

However, continued rebound risks accumulating long squeeze potential, which could accelerate volatility if open interest recovers.