‼️Kaiko Report:

- Spot trading volumes have remained subdued throughout the rally, suggesting that many market participants remain on the sidelines due to ongoing macroeconomic uncertainty;

- Despite the price rally, market leverage remains relatively low, suggesting that there is no retail euphoria;

- BTC upside relative to upcoming expirations remains fairly balanced, suggesting a neutral medium-term outlook, while strong short-term upside demand suggests that traders expect Bitcoin to remain stable in the coming weeks.