Wintermute: Bitcoin's rally lacks spot support, short-term pullback risk ahead Wintermute released a market report stating that Bitcoin's surge past $80K was primarily driven by perpetual futures short squeezes rather than spot demand. Over the past month, Bitcoin futures open interest increased by about $10 billion to $58 billion, while spot trading volume dropped to a two-year low. The report suggests that this indicates the current rally is relatively fragile, and without spot buying to sustain it, a rapid reversal could occur in the short term.