Recently, an interesting dynamic has been occurring in the crypto market. Bitcoin has fallen below $70,000, clearly reflecting the impact of macroeconomic uncertainties and geopolitical tensions with Iran. Rising oil prices and pressures in the technology sector are also shaking the market.

However, the noteworthy point is that despite this volatility, demand for spot market purchases continues to increase. Although ETF inflows have reversed after a brief recovery, the underlying demand still appears strong.

Looking at the derivatives market, there are no signs of excessive risk in terms of leverage ratios. This surprises me because normally, such periods of volatility tend to trigger excessive leverage issues. Open position increases are aligned with spot demand, and funding rates remain at reasonable levels. In other words, the market maintains a healthy structure in terms of leverage ratios.

Essentially, there is a balancing act here. On one side, macroeconomic pressures and geopolitical risks; on the other, genuine buyer interest and controlled leverage levels. Until this balance is disrupted, the market may continue to fluctuate in this manner. The harmony between leverage ratios and demand dynamics seems to be a factor preventing a collapse, at least in the short term.