Spot buying is leading, and leverage remains controllable—what do we think about Bitcoin's recent rally?

From on-chain data and derivatives markets, the logic behind Bitcoin's recent surge (from $90,000 to $97,000) is quite clear: it's mainly driven by spot demand.

What does this mean? It indicates that the rally isn't fueled by false prosperity from piling on leverage. Since the beginning of the year, the price has increased by about 10%, staying below $97,000, with genuine spot buy orders continuously coming in. This kind of rally is indeed healthier because the fundamentals are solid.

Looking at the derivatives side, Bitcoin's open interest in futures remains at around 678,000 BTC, almost unchanged from the previous 679,000 BTC—indicating that the market hasn't significantly increased leverage. The funding rate for perpetual futures is still negative, further confirming one point: no one is aggressively shorting or excessively longing, and leverage levels are quite stable.

So, the current situation is: spot demand is pushing prices, and leverage risk hasn't noticeably increased. Market momentum is shifting from external leverage-driven to endogenous growth, which is actually a positive sign for long-term trends.