TechFlow news, on January 15, according to CoinDesk, on-chain and derivatives data indicate that the recent rise in Bitcoin prices has been primarily driven by spot demand, while short squeeze risks are increasing. Bitcoin has risen approximately 10% year-to-date, with prices holding below $97,000. This rally has been mainly fueled by spot purchases rather than leveraged positions through futures. A spot-driven rally is generally considered healthier than one driven by leverage. The recent price move from $90,000 to $97,000, which was initially leveraged, has shifted over the past week to be supported by spot buying. Additionally, according to Glassnode data, the notional value of Bitcoin-denominated futures open interest stands at 678,000 BTC, nearly unchanged from 679,000 BTC on January 8, indicating overall leverage in the system remains stable. Perpetual futures funding rates are currently negative.
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