Deep Tide TechFlow News, on July 10, according to Glassnode data, Bitcoin's spot CVD has continued to decline for several weeks, while the futures CVD is on an upward trend, indicating that the current rise in BTC is primarily driven by leverage rather than spot demand. Since reaching its historical high, the spot market has been under continuous selling pressure, while the futures market has maintained buying. The financing rate remains low, even briefly turning negative, suggesting that there has not yet been crowded trading in the market. Analysts point out that this divergence between the spot and futures markets has created a structurally fragile market environment, and unless interest in the spot market rebounds, there may be a risk of liquidity tightening.