⚠️ Market data companies are issuing warning signals: although Bitcoin prices are climbing, the underlying holdings data are not keeping pace—this divergence of "price rising but volume not increasing" is a typical sign of a derivative-driven speculative bubble.

Recently, some analysts have observed a very key phenomenon:

Is the price going up? ✅
But is spot buying volume keeping up? ❌

Specifically: BTC price is indeed climbing, but the inflow of spot funds and the accumulation by long-term holders are not growing in sync. In plain terms, this rally is mostly supported by leverage tools like futures and perpetual contracts; genuine spot buying with real money? Not much.

**How far can this market go?**

The answer might be uncomfortable. Because the gains driven by leverage tend to come quickly and go even faster. Once longs start to retreat, or funding rates cool down, or macro factors shift slightly, the price retracement can be shockingly rapid.

Even more concerning is that this warning signal isn’t isolated. If we look at the recent hours’ data:

- A major exchange’s net outflow exceeded 100 million USDT within an hour (indicating clear risk aversion)
- Large inflows of BTC and ETH into a compliant platform's Prime wallet (selling pressure accumulating)
- ETH futures open interest surged 8.5% in a single day (leverage is rapidly building)
- Both BTC and ETH liquidation zones have reached billion-dollar levels
- Institutions proactively reducing risk exposure ahead of the FOMC meeting

You will find all data pointing to the same conclusion: the market is currently a dangerous triangle of **derivative overheating + spot hesitation + macro event approaching**.

Analysts directly highlight the core risk: "If the rate cut expectations weaken before the FOMC, this rally is unlikely to hold." In other words—this isn’t a solid spot market trend but a bubble leverage built on expectations.

**The current question is:**
The short-term momentum to push higher is clearly insufficient, and the probability of a correction is rapidly accumulating. The market is speaking with data, not emotional chants.