According to CryptoMe @cryptometugce, BTC’s rise from $60K to $83K was a “strong spot-driven rally,” yet certain “missing legs” remain. In particular, this rally showed little signs of enthusiasm in the derivatives market: ・No expansion in CME futures open interest ・Lackluster activity in the options market ・Persistently low funding rates ・No increase in Deribit open interest Meanwhile, price appreciation appears largely driven by fundamental demand, evidenced by: ・Spot ETF inflows ・Improved Coinbase premium ・Rising CEX spot CVD Thus, this BTC rally was not a leveraged, risky surge—but rather a relatively healthy, spot-driven move—while overall market fervor and bullish conviction have not yet fully returned. The current BTC market may be nearing the quiet accumulation phase preceding a full-blown bubble.