CryptoQuant analyzed that Bitcoin (BTC)'s recent break of $80,000 was driven by leveraged futures trading, not by US spot buying. According to CoinDesk, CryptoQuant stated, 'The Coinbase premium, which gauges US investor demand, has consistently been negative since late April. This means that BTC is trading at a higher price on overseas exchanges than on Coinbase, and is interpreted as a signal that spot buying by US institutional investors is relatively weak. In contrast, significant demand emerged in the perpetual futures market. A futures-driven rally may have less sustainability than a spot-buying driven rally. If the current rally slows down, the short-term investors' on-chain realized price around $70,000 is likely to become a major support level.'
