Glassnode: Current BTC rise is mainly driven by leverage rather than spot demand

On July 10th, according to Glassnode data, the Bitcoin spot CVD has been declining for weeks, while the futures CVD is trending upward, indicating that the current $BTC rise is mainly driven by leverage rather than spot demand. Since hitting its all-time high, the spot market has continued to sell off, while the futures market has maintained buying. Funding rates remain low, even briefly negative, suggesting that the market has not yet experienced crowded trading. Analysts point out that this divergence between the spot and futures markets creates a structurally fragile market environment, which may face liquidity crunch risks unless spot market interest rebounds. [Deep Tide TechFlow]