The market still feels caught between two very different narratives.
On one side, ETF flows remain weak and spot demand continues to disappoint.
On the other, the futures market is still driving the majority of price action, with leverage doing far more of the heavy lifting than genuine buying.
At the same time, geopolitical tensions remain elevated, inflation concerns haven’t disappeared, and capital continues rotating towards AI rather than crypto.
For me, that doesn’t look like the foundation of a sustainable bull move.
Until we see stronger spot demand and a meaningful shift in capital flows, I think this market remains driven more by positioning than conviction.
