Binance spot volume sitting at ~10% of perps right now.
For every $1 of actual $BTC bought, $10 is getting levered up in futures.
This is pure degen casino mode. When spot demand is this weak vs derivatives, you're not seeing conviction buying—just traders gambling on price swings with borrowed money.
Spot/perp ratio this skewed = fragile liquidity. One liquidation cascade and it's over.
For every $1 of actual $BTC bought, $10 is getting levered up in futures.
This is pure degen casino mode. When spot demand is this weak vs derivatives, you're not seeing conviction buying—just traders gambling on price swings with borrowed money.
Spot/perp ratio this skewed = fragile liquidity. One liquidation cascade and it's over.
