[CryptoQuant: BTC Breaks $66,000 Driven by Leverage, Insufficient Spot Demand, Fragile Uptrend Structure] Reported by Jinse Finance, July 22—According to the latest research report published by Sunny Mom, an analyst at the on-chain data platform CryptoQuant, Bitcoin's recent surge past $66,000 was primarily driven by leveraged funds in the futures market rather than genuine organic buying in the spot market, making the uptrend structure relatively fragile. Key data from the report indicates: The initial phase of this rally was triggered by short covering (short squeeze), but the subsequent price increase was mainly fueled by new leveraged long positions entering the market. Open interest in futures contracts rose from $21.2 billion to $23 billion. Meanwhile, spot trading volume has remained sluggish since April, with no significant increase, and on-chain visible demand has yet to turn positive, lacking sustained support from spot buying. Additionally, the current funding rate for perpetual contracts has not reached historically overheated levels, suggesting that the overall bullish consensus in the market is not strong, and the rally lacks broad-based capital agreement.