Some market observations 👀

I think this rally is not like the ones we saw last year

📈 The first big leg up was in February 2024, the second in November. Both times, funding rates spiked — leverage chased price, and the rallies overheated fast.

This time is different

BTC is pushing above $104K, and funding is still cool. No froth, no aggressive longs, retail investors are absent.

🔍 Looks like a spot-driven rally. Real demand, mostly by institutions like Strategy, and ETF inflows.

That’s a much stronger foundation — and it leaves room for leverage to come in later and push the price even further. I'm bullish 🐂