The rally was led by leveraged traders and not U.S.-based spot buyers. Hence, its. sustainability is being questioned. Bitcoin’s recent rise from about $80,000 to $82,000 has occurred despite a persistently negative Coinbase Premium, signaling weaker U.S. institutional spot demand than offshore buying. CryptoQuant data show that apparent demand has narrowed sharply since April but is being driven mainly by perpetual futures rather than spot accumulation, a pattern historically associated with l…
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