Spot volume delta for $BTC sitting at levels we last saw around $63K a few weeks back.
Meanwhile perp volume delta just pushed past where it was when $BTC hit $83K.
That's a serious divergence. Spot buyers aren't showing up but leverage is stacking hard on the derivative side. Classic setup where price gets propped by futures while the underlying cash market stays thin.
When perps run this hot without spot confirmation, you're usually looking at a structure that can snap fast in either direction. If spot volume doesn't catch up soon, this imbalance becomes the story — and it rarely ends clean.
Meanwhile perp volume delta just pushed past where it was when $BTC hit $83K.
That's a serious divergence. Spot buyers aren't showing up but leverage is stacking hard on the derivative side. Classic setup where price gets propped by futures while the underlying cash market stays thin.
When perps run this hot without spot confirmation, you're usually looking at a structure that can snap fast in either direction. If spot volume doesn't catch up soon, this imbalance becomes the story — and it rarely ends clean.