Bitcoin Rally Builds on Leverage as Spot Demand Lags

TLDR Bitcoin reached $79,488 before easing to $78,223 as futures activity powered the latest price move. CryptoQuant CEO Ki Young Ju said the current Bitcoin rally is driven by derivatives, not strong spot demand. On-chain data shows Bitcoin’s 30-day apparent demand metric remains in negative territory. Michael Saylor’s firm, Strategy, purchased $255 million in Bitcoin [...]

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