#比特币2026年行情展望 Bitcoin's recent rally is quite interesting—up about 10%, approaching the $97,000 mark. But the key question is: who is actually driving this surge?

Based on on-chain and derivatives data, this time it's entirely spot buying leading the charge. The gains since the beginning of the year, from $90,000 to $97,000, are backed by real spot buy orders, not leveraged ghosts in the futures market. How to describe this kind of rise—more solid, more stable, less likely to be crushed by a big bearish candle.

What does the data say? The open interest of Bitcoin-denominated futures remains stable at around 678,000 BTC, roughly the same as the previous 679,000 BTC. In other words, the market's leverage levels haven't increased. Looking at the funding rates for perpetual futures—negative. What does this mean? Longs aren't that aggressive; they seem a bit short on cash. The risk of excessive leverage in the market isn't as big as imagined.

Spot demand is pushing forward, leverage isn't causing chaos, and the overall market sentiment is relatively rational. The logic behind this rally is quite clear: real money is buying, not just numbers on paper dreaming. This is also good news for mainstream coins like Ethereum and Solana—market moves driven by spot tend to go further.