BTC Perps are leading the move. Over the weekend, price has slowly been grinding higher. However, this move hasn’t been particularly well supported by spot demand. In fact, Spot CVD has started to weaken while price continues to climb. Meanwhile, Futures CVD has remained much stronger, suggesting that this move is mainly driven by new long positions being opened.  That’s not exactly what you want to see. If spot selling starts to pick up while the move remains heavily perp-driven, BTC becomes much more vulnerable to a sharp pullback.