Bitcoin’s Rally to $30K Being Driven by Good Old-Fashioned Spot BTC Buying
The Breakdown
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The State of Leverage in Bitcoin Markets
Only 9 coins with a market cap above 1 billion have outperformed Bitcoin this year. Solana is the only top 20 coin doing better than Bitcoin, chocking up at 117% return. The rally appears to be driven by good old-fashioned spot Bitcoin purchases. Open interest collapse following FTX's failure but we're just not seeing traders seek out new platforms to lever up their positions on.
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