Strategy returning to buying in large volumes at this price is a very positive sign of the company's ability to raise capital even in a stressful scenario.
However, it's important to point out that this spot volume is generally bought via TWAP, something traders can execute via Insilico Trading, for example.
In the futures market, as we see here at CoinAnk, spot buying pressure via sophisticated orders has been occurring alongside a strong presence of sell orders in futures.
With negative funding, this is a classic scenario of bidirectional liquidity absorption, but it reveals low leverage and therefore reduced volatility.
For long-term investors, this is the type of structure favorable for absorption without large variations, allowing the average price to remain within a specific range.