Bitcoin's recovery is being driven more by derivatives activity than genuine spot buying, raising questions about how durable the rebound will be. Futures trading volume has reached roughly $79 billion, running well ahead of spot demand and ETF inflows that had underpinned earlier price gains. This imbalance suggests much of the current momentum reflects leveraged positioning and speculative bets that the upward move holds, rather than sustained accumulation by long-term investors. The next test for BTC will be whether the market can absorb this futures-heavy activity without a sharp reversal, as thin spot support can leave prices vulnerable to liquidations. Analysts note that a healthy rally typically pairs derivatives interest with strong underlying demand. Until spot flows catch up, the sustainability of Bitcoin's ETF-era comeback remains uncertain, with volatility likely if leveraged traders unwind positions.
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