Bitcoin’s recent $80,000 breakout was led by something other than U.S. spot buyers, data show
CoinDesk
Data shows Bitcoin’s rally above $80,000 was driven by leveraged traders rather than U.S. spot demand, raising concerns about its sustainability.Summary
Bitcoin's recent surge past $80,000 was fueled by leveraged perpetual futures rather than U.S. spot accumulation, evidenced by a persistent negative Coinbase Premium. This indicator suggests offshore traders drove prices higher while American institutional demand remained tepid. Analysts warn that rallies driven by high leverage are less durable than those supported by spot buying, noting similarities to a relief bounce observed in March 2022. With onchain demand metrics indicating the market is still struggling to absorb supply, the $70,000 level is considered a critical support zone if the current price momentum fades.
(Source：CoinDesk)