Bitcoin’s recent rallies are still lacking meaningful spot demand.A large part of the recent upside has been driven by the futures market and leveraged positioning rather than genuine spot buying.Historical market cycles suggest that the strongest and most sustainable Bitcoin rallies tend to occur when both spot and futures demand rise simultaneously.For now, one important piece of the equation is still missing: Real demand from the spot market.Until we see that demand return, I remain cautious about the strength and sustainability of the current rally.➖➖➖➖➖➖➖➖@RezaMacroEdge