Odaily Planet Daily reports that on-chain data and derivatives data indicate that the recent increase in Bitcoin price is primarily driven by spot demand, while short squeeze risks have increased. Since the beginning of the year, Bitcoin has risen by approximately 10%, with the price remaining below $97,000. This upward movement is mainly driven by spot purchases rather than leveraged positions established through futures. An increase driven by spot demand is generally healthier than one driven by leverage. Recent price movements from $90,000 to $97,000 have shifted over the past week from a leverage-led rally to one supported by spot buying. Additionally, according to Glassnode data, open interest in Bitcoin-denominated futures stands at 678,000 BTC, comparable to 679,000 BTC on January 8, indicating that overall system leverage remains relatively stable. The funding rate for perpetual futures is currently negative. (CoinDesk)
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