Strong ETF inflows and rising leverage are lifting prices, yet CryptoQuant data shows weak spot demand and Polymarket odds put just a 23% chance on $90,000 this month. Bitcoin’s climb back toward $80,000 is being driven largely by inflows into U.S. spot ETFs and leveraged long positions rather than broad-based spot buying. On-chain data show April’s rally was powered almost entirely by perpetual futures demand while spot demand contracted, a pattern historically linked to fragile, easily revers…
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