#Bitcoin Open interest has shown little expansion for an extended period, indicating the recent upside is being driven primarily by spot demand rather than leveraged derivatives positioning. In this structure, price is advancing while open positions remain relatively flat, reinforcing the spot-led nature of the move. The key factor preventing full upside confirmation remains Coinbase Premium. Without sustained strength in this metric, upside continuation may remain limited. At this stage, Coinbase Premium flow remains one of the most critical signals to monitor. #Bitcoin #Crypto #BTC(KriptoHolder 🔔)