This move appears to be driven mainly by futures activity, not by spot demand. While price is pushing upward, spot buyers are not aggressively stepping in. Instead, it looks like larger holders are distributing into strength.
Order book data also shows heavier sell-side pressure, suggesting that sellers are placing more liquidity above current price levels.
This kind of structure often means the move is leveraged-driven rather than organic, which can increase the risk of volatility if momentum fades.
Always watch how spot demand and order book liquidity evolve — they often reveal the real strength behind the move. 📊
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