Bitcoin's Steady Climb Signifies Broader Investor Interest and Lower Risk Appetite
• BTC's current rally has lacked the sharp pullbacks over 20% that were common in past bull runs, rising in a stairstep pattern instead.
• This spot-led rally with low leverage has kept volatility in check and prevented cascading liquidations.
• Spot trading volume has increased relative to derivatives volume recently, indicating investor interest.
• Estimated leverage ratios remain low by historical standards at around 0.20x currently.
• Activity is concentrated on regulated exchanges like CME using less risky cash-margined contracts rather than coin-margined.