From Leverage to Real Demand: A Healthier Bitcoin Rebound

From-Leverage-to-Real-Demand-A-Healthier-Bitcoin-Rebound

The recent Bitcoin rebound is not a leverage-driven futures rally, but a move initiated by the recovery of real buying demand in the spot market.

Spot Taker CVD shifted clearly from sell-dominant to buy-dominant first, and futures Taker CVD followed this trend afterward.
This indicates that the market is not in the late stage of an overheated rally, but rather in the early phase of demand recovery.

In other words, the current price rebound is not a rally pushed by leverage, but one built by spot demand.
With spot capital leading the move, the market environment appears structurally healthy, favoring medium-term upside over short-term overheating.