This is the chart that tells you who’s really buying $BTC right now.

The $BTC futures-to-spot ratio measures how much of the market’s exposure is coming from leveraged futures versus actual spot buying.

▶️ When this ratio is high → the market is driven by traders chasing with leverage.

▶️ When it’s low → real buyers are stepping in, accumulating directly from the market.

Today, this ratio is back to levels last seen at the cycle low in late 2022, right before #Bitcoin began its major uptrend.

That’s a rare signal.

It means this rally isn’t being propped up by leveraged longs that can get wiped out overnight.

It’s being driven by spot demand, the kind that tends to hold through volatility.

If history rhymes, it’s telling us the liquidity is deep, pullbacks will be limited, and the real move might still be ahead.