According to CryptoQuant, Bitcoin’s rise from $64,000 to $66,000 was largely driven by leveraged positions. Data shows the rally began with the liquidation of short positions, but was subsequently supported by new leveraged trades as open interest surged to a record $23 billion from $21.2 billion. Meanwhile, spot trading volume has remained in the “cooling” zone since April, while futures volume has stayed at neutral levels. Although inflows into U.S. spot Bitcoin ETFs have resumed, current purchases have not reached levels sufficient to generate strong demand in the spot market. CryptoQuant highlights that the current rally is supported more by leveraged positions than by solid spot demand, and warns that without a clear rebound in spot volume, the rally may remain fragile. #Bitcoin $BTC #BitcoinETF #Crypto
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