I noticed an interesting dynamic in the crypto market over the past few days. Bitcoin is currently trading around $78,000, amid increasing macroeconomic uncertainty. Geopolitical tensions, especially with Iran, plus high oil prices—all of this is putting serious pressure on the market and increasing volatility.

Interestingly, the spot market shows strong demand—purchases are growing. But the inflow of funds into Bitcoin ETFs reversed downward yesterday after three days of positive flow. A typical picture—one part of the market says "yes," another says "no." Volatility in such moments is inevitable.

However, the most important thing is that I see no signs of dangerous over-leverage. Open interest in derivatives is growing in sync with demand in the spot market, and financing rates remain normal. This is a good sign—the market isn't overheated with borrowed positions. Volatility exists, but it more likely reflects uncertainty rather than speculative frenzy.

Overall, it feels like the market is in a fragile balance between genuine interest in the asset and macroeconomic shocks. Volatility will continue until the geopolitical situation is resolved or clearer signals come from the Fed. It's worth paying attention to derivatives—they will indicate when the balance starts shifting toward risk.