Bitcoin briefly climbed back above $100,000 this month, pushing close to the $108,000 level before a new pullback. The move looks strong on the surface. But based on reports from Glassnode, much of that surge came from traders using borrowed funds, not fresh buyers piling in. Speculative Bets Fuel Recent Rally According to on-chain data, late-June’s volume on Bitcoin futures stayed high as prices marched upward. Traders betting on short-term gains drove the market, even as the excitement behind the rally faded. Funding rates and the three-month futures basis both moved lower, signaling less bullish conviction. In other words, fewer…
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