Wintermute: The current BTC rally is clearly leveraged-driven, with open interest surging and spot trading volume remaining subdued

Odaily Planet Daily News Wintermute released its weekly market report, stating that Bitcoin recently broke through $80,000 and briefly touched approximately $83,000, while also reclaiming the 200-day moving average for the first time in seven months. However, this rally is notably driven by leveraged capital rather than spot buying.

The report indicates that Bitcoin's open interest increased by approximately $10 billion over the past month, while spot trading volume dropped to a two-year low, typical of a short squeeze scenario. Although ETFs still recorded a net inflow of $623 million and BTC reserves on exchanges fell to a 7-year low, the current RSI has entered overbought territory. If spot capital fails to follow through after the squeeze ends, BTC prices could face a risk of rapid correction.

Wintermute also stated that the current crypto market rally is more driven by the strong performance of US equities and leverage resonance, rather than an independent bull market narrative. Subsequent US CPI data and changes in Federal Reserve policy expectations will be key factors to observe for whether BTC can stably hold above $80,000.