$BTC Is Back Above $87K — But Is This Rally Spot-Led or Leverage-Led? Bitcoin just pushed above $87K, while ETH, SOL and XRP helped take the total crypto market cap back above $3T. The move was also accompanied by renewed ETF demand and a major short squeeze. The interesting part is what happened underneath the price. U.S. spot Bitcoin ETFs have returned to positive flows, with recent sessions bringing hundreds of millions of dollars into the products. But leverage is also coming back. After BTC reclaimed the $82K area, futures open interest increased as traders opened fresh positions. That means the rally isn't happening in a vacuum — new leverage is chasing the move. And that's where things get interesting. A short squeeze can push $BTC higher very quickly because forced buying creates additional demand. ETF and spot inflows are different. That's actual capital entering the market. So the next phase is about separating the two: Spot demand + ETF inflows → stronger confirmation. Price + rapidly expanding leverage → higher volatility. We've already seen how quickly liquidations can accelerate a Bitcoin move. The question now is whether buyers continue supporting $BTC after the forced short covering fades. If ETF inflows keep coming while leverage remains controlled, the market structure looks very different from a rally driven mainly by short squeezes. $87K is the headline. Spot demand is the signal. Leverage is the risk. 👀 What are you watching more closely right now: ETF inflows or futures open interest? #BTC Price Analysis#