Bitcoin Price Rally Driven by Spot Buying, Not Leveraged Trades
The price of Bitcoin has risen significantly since June, from $57,000 to above $80,000.
Despite this surge in value, futures positions have actually decreased, reaching a low of 625,000 BTC - the lowest level of the year.
This trend began in June and continues as prices rise, indicating that the rally is being driven by spot buying rather than leveraged trades.