The $100K Mirage: Bitcoin’s Rally Not Backed By On-Chain Strength

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Bitcoin briefly climbed back above $100,000 this month, pushing close to the $108,000 level before a new pullback. The move looks strong on the surface. But based on reports from Glassnode, much of that surge came from traders using borrowed funds, not fresh buyers piling in. Related Reading: Stablecoin Skepticism Grows As IMF Official Challenges Their Money Role Speculative Bets Fuel Recent Rally According to on-chain data, late-June’s volume on Bitcoin futures stayed high as prices marched upw...