It's not just about where
$BTC is trading it’s about who is doing the buying.
While futures volume still dominates, the perpetual-to-spot ratio hasn't exploded higher during Bitcoin's recovery above $64k
Why this matters
Leverage isn't overwhelming spot demand.
Reduces the risk of sudden liquidation cascades.
Controlled positioning supports key levels.
Key Takeaway
If spot participation grows while futures activity stays contained, conviction in this rally strengthens. 📊