Bitcoin is rallying, but leverage is still steering the ship.


Perp futures volume is running 5x–10x higher than spot, meaning derivatives—not spot buying—are driving BTC's move from $60k to $67k
🔴 The Risk Pushing higher via leverage increases sharp liquidation risk
🟢 The Need bitcoin:native needs to hold these gains while open interest cools down to build a healthy foundation
Constructive structure, but fragile
Spot demand needs to take the wheel📉📊
BTC-1.30%
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