[Analyst: This BTC rally is primarily driven by leveraged trading rather than real capital inflows] Deep Tide TechFlow reports, on July 22, according to CryptoQuant analyst Sunny Mom, Bitcoin rose from approximately $64,000 to $66,000 within two days. However, this rally was mainly driven by leveraged trading rather than real capital inflows. On-chain data shows that on July 18-19, funding rates briefly turned negative, triggering a short squeeze that ignited the rebound. Subsequently, open interest climbed from around $21.2 billion to a new high of $23 billion, indicating that new leveraged positions continued to push the market upward. Meanwhile, spot trading volume has remained in a "cooling" state since April, with stablecoin funds in the over-the-counter market staying in a wait-and-see mode rather than exiting. Regarding ETFs, U.S. spot Bitcoin ETFs recorded net inflows for two consecutive weeks, with a single-day inflow of approximately $271 million on July 20 (of which IBIT contributed $116.5 million), signaling a slow return of institutional funds. However, this has not been sufficient to drive a recovery in overall spot trading volume. The analyst warns that the current rally structure is fragile, and once momentum fades, rapid liquidation of leveraged positions could trigger a sharp pullback. It is advised to wait for a substantial recovery in spot trading volume before chasing the rally.