CryptoQuant analyzed that Bitcoin (BTC)'s recent breakthrough of $80,000 was driven by leveraged futures trading, not by spot buying pressure from the US. 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 it is interpreted as a sign that spot buying pressure from US institutional investors is relatively weak. In contrast, there was significant demand in the perpetual futures market. A futures-driven rally may be less sustainable than a spot-buying-based rally. If the current rally slows down, the realized price for short-term investors on-chain, around $70,000, is likely to become a major support level."
