Bitcoin’s perpetual futures markets are seeing high funding rates, indicating a premium for long positions and a possible further correction for spot prices, as per the latest "Bitfinex Alpha" report.

The Bitcoin CME futures open interest has risen to $11.4 billion as of June 4th, nearing the March all-time highs before a significant price correction. Traders are leveraging basis arbitrage by shorting Bitcoin on the open market while gaining spot exposure through ETFs, exploiting price discrepancies between futures and spot markets.

Despite 20 consecutive days of ETF inflows since May 10, potential disruptions are expected with the upcoming US Consumer Price Index report and the US Federal Open Market Committee's interest rate discussions this week.

Last week, Bitcoin’s price fluctuated, hitting over $71,500 before correcting to around $68,500. Major altcoins like Ethereum (ETH) and Solana (SOL) dropped 7.5% and 12.1%, respectively.

A recent “leverage flush” caused significant liquidations in altcoin leveraged longs, with Coinglass data showing Bitcoin open interest at a record high of $36.8 billion on June 6th.

Short-term holders have increased their Bitcoin activity, with holdings peaking at 3.4 million BTC in April. Meanwhile, long-term holders are accumulating Bitcoin, with the inactive supply for one-year holders remaining stable.

Bitcoin whales are also accumulating, with their balance reaching a new historical high.

Thus, despite derivatives data suggesting a short-term price pullback, increased ETF buying activity, reduced selling pressure from long-term holders, and improved liquidity could potentially drive Bitcoin's price upward in the long term.