Bitcoin's recent breakout isn’t just fueled by traders on leverage.

Since July 9:

Spot volume is up +50.3%

Futures volume is up +31.9%

That’s a key signal.

When both spot and futures rise together with spot leading it shows real buyers are entering, not just speculators.

This kind of demand usually marks the early phase of a sustainable move, not the end.

Smart money seems to be loading.

Are you?