BTC Market Structure — Flow Divergence Flows Clear divergence across markets. Futures inflows accelerating → capital entering leverage Spot flows remain negative → consistent outflows → no real accumulation behind the move Positioning Price pushing higher (~74K) while spot demand weak → move driven by derivatives, not by real buyers Market Behavior This type of structure typically signals: • speculative participation • short-term positioning • reduced sustainability of the move Key Risk Without spot support: → upside becomes fragile → downside can accelerate quickly Leverage builds → vulnerability increases Interpretation This is not a clean breakout. It is a leverage-driven expansion with weak underlying demand What to Watch If spot flows turn positive → continuation becomes valid If spot outflows persist → risk of reversal increases Conclusion Price up Futures in Spot out → structurally unstable move Not financial advice.