$BTC

We're starting to see the same spot and perp volume imbalance we saw in the run up to $83K.

We all know how that move ended. A 30% correction back to the lows.

At this stage, spot volume is essentially hitting cycle lows while perp volume carries the rally.

So there's no question that most of this move has been driven by leverage buying, as opposed to an imbalance in spot accumulation.

If we don't see spot volume play catch up, there's very little doubt in my mind we'll eventually see a similar outcome.

BTC
BTCUSDT
64,081.1
-1.86%