BTC We’re seeing first signs of strength. While price continues grinding higher, spot CVD has been rising alongside it, showing that buyers are stepping back in here. Futures CVD, on the other hand, saw a small spike during the initial bounce from the lows but has since only been moving sideways. This strengthens the bullish case even further, as it shows that the recent push has mainly been driven by genuine spot demand rather than perps opening new longs. As long as spot demand remains intact and longs don’t become overly aggressive, I could see price pushing higher from here.