Skip to content

Is the BTC Rally Driven by Spot or Leveraged Demand? Glassnode Weighs In

2025-07-11 20:05:54

Is the BTC Rally Driven by Spot or Leveraged Demand? Glassnode Weighs In

Main Idea

Bitcoin (BTC) has reached all-time highs driven by leveraged demand, with futures traders aggressively buying while spot traders sell, though the market shows no signs of overheating yet.

Key Points

1. Bitcoin's spot Cumulative Volume Delta (CVD) has been declining for weeks, with rare buy-side spikes, while futures CVD shows frequent buy-side spikes.

2. Futures traders have been aggressively buying BTC, especially after it touched $112,000, while spot traders have been selling.

3. The Bitcoin market shows no signs of overheating based on metrics like Unspent Transaction Output (UTXO) and Short-term holder Spent Output Profit Ratio (SOPR).

4. Long positions dominate the market after shorts were liquidated, with nearly $1 billion in liquidations.

Description

The past 24 hours have witnessed bitcoin (BTC) record all-time highs (ATHs) again and again, with the latest being at almost $119,000. While it is evident that institutional demand and whale movements are driving this rally, analysts have identified another cohort of investors who have contributed to the surge. According to a tweet by the market insights firm, Glassnode, demand from leveraged traders is playing a bigger role in this rally than spot investors. Leveraged Demand Drives BTC Rally Gl...

>> go to origin page