Binance’s spot market consistently displays a premium over its perpetual futures, according to CryptoQuant data shared by analyst BorisD. This persistent divergence suggests a deeper trend: sustained institutional buying absorbing demand rather than retail speculation. 2023 has witnessed this in action. Unlike typical market behavior where the perpetual price should rise when leverage-driven optimism surges, Binance’s spot and perpetual markets remain out of sync, with the former consistently holding an average price gap of roughly $50. This pattern indicates institutional activity is driving demand rather than retail speculation, forming a subtle but effective balance between supply and demand. 2023 has witnessed this trend in action.