#美国就业数据不及预期 Bitcoin's recent rally is primarily driven by spot trading

On-chain and derivatives data reveal an interesting phenomenon: as $BTC surged from $90,000 to $97,000, the main driving force was spot buying rather than futures leverage. The approximately 10% increase since the beginning of the year seems moderate, but the underlying market structure changes are worth noting.

Why is a spot-driven market healthier? Because it is based on solid fundamentals and less prone to sudden crashes. In contrast, excessive leverage often inflates prices like bubbles, which can burst easily with a small disturbance.

Key data shows that Bitcoin's open interest in futures remains stable at around 678,000 BTC, with little change (previously 679,000 BTC), indicating that market leverage has not expanded significantly. The funding rate for perpetual futures remains negative, further confirming that leveraged positions are not excessively accumulated.

Spot demand is pushing prices higher, while leverage risk has not increased in tandem. Although the market is rising, its pace and quality appear relatively healthy. The performance of mainstream coins like $ETH also warrants ongoing observation.