According to Skew Δ, the recent upward movement in Bitcoin's price on lower time frames (LTF) is primarily driven by rebalancing flows, with a significant influence from hedges being cut and long positions being opened. This activity has resulted in a perpetual bid in the market. However, for this upward trend to sustain, it would require a substantial spot bid. [Source: Skew Δ's Twitter Post]

According to Miles Deutscher, the current news-driven market is creating high volatility, making it challenging for retail investors who typically buy and hold altcoins. This environment is favorable for traders, but discourages retail investors, leading to a decrease in altcoin spot bids.