Bitcoin rallied to an eight-day high of $90,353 on Monday, but on-chain data casts doubt on the sustainability of this uptick.
Since then, the top crypto has pulled back and is now trading at just under $90,000, up 2.2% on the day, per CoinGecko data.
Data indicate the move was driven by speculative futures trading rather than genuine investor demand.
Since December 18, open interest and the **** ulative volume delta (CVD) for perpetual futures have trended upwards, while the spot CVD has declined, according to Velo data. That divergence is a classic signature of a derivatives-led move, whe