CryptoQuant: The BTC's leverage of $66,000 to leverage the under-up structural vulnerability of real demand in real cash

On 22 July, according to an update published by Crystal Quant Analyst, a chain-based data platform, Sunny Mom, the recent breakthrough of $66,000 in bitcoin was driven mainly by future-leveraging funds rather than by real organic purchases in the spot market, with a more fragile structure. The core data from the study show that, while the increase was triggered at the beginning of the period by an empty silo (sliding), the subsequent price hike was mainly due to the entry of additional leverage and the futures contract from $21.2 billion to $23 billion, while the volume of spot transactions has continued to decline since April, with no significant discharges, unsophisticated chain demand is still on the right track, and there is a lack of ongoing support for the buyout. At the same time, the current sustainable contractual rates have not reached historical overheating levels, suggesting that the market as a whole does not see a strong consensus and that the increase lacks a broad financial consensus。