The ratio of open interest to USDT reserve in Bitcoin perpetual contracts has reached an all-time high, indicating signs of overleveraging. The CEO of CryptoQuant warns of a potential pullback once the leverage unwinds but remains bullish on BTC in the long term. Despite this risk, other on-chain metrics remain healthy, including strong retail investor demand and a spike in Google searches for Bitcoin. The recent Bitcoin price spikes are predominantly driven by spot buyers on Coinbase's market, reflecting robust demand from investors. The preference for spot-driven ETFs over futures-based speculation further supports this trend.



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