The $BTC positioning looks seriously imbalanced.
Spot volume delta has only recovered to levels we last saw when BTC was trading around $63K a few weeks ago.
Meanwhile, perp volume delta is already higher than it was when $BTC traded around $83K.
That kind of divergence suggests the move is being driven heavily by leveraged positioning rather than genuine spot demand.
In other words, $BTC may be squeezing the shorts and sweeping liquidity above them.
The higher the leverage builds without matching spot participation, the more fuel there is for the squeeze to continue.
Spot volume delta has only recovered to levels we last saw when BTC was trading around $63K a few weeks ago.
Meanwhile, perp volume delta is already higher than it was when $BTC traded around $83K.
That kind of divergence suggests the move is being driven heavily by leveraged positioning rather than genuine spot demand.
In other words, $BTC may be squeezing the shorts and sweeping liquidity above them.
The higher the leverage builds without matching spot participation, the more fuel there is for the squeeze to continue.