Price discovery has decisively shifted from spot markets to derivatives, where futures, options, and leverage now dictate short-term direction. Spot follows, it no longer leads.
Surface-level calm masks concentrated risk.
In this environment, positioning, funding, and open interest matter more than headlines.
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$BTC is entering a new phase of market maturity.
Price discovery has decisively shifted from spot markets to derivatives, where futures, options, and leverage now dictate short-term direction. Spot follows, it no longer leads.
Surface-level calm masks concentrated risk.
In this environment, positioning, funding, and open interest matter more than headlines.
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