Bitcoin’s current rally is being driven by genuine spot market buying rather than leverage. In July 2026, Bitcoin surged by roughly $2,000 in just two days, climbing from around $64,000 to $66,000. This move was accompanied by a $1.66 billion expansion in futures open interest. Meanwhile, spot Bitcoin ETF inflows totaled only $288.8 million, creating a ratio of more than 5 to 1 between leverage and real market activity. This shift represents a change from the leverage-dominated price action seen earlier in 2026.
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