Bitcoin's recent surge from $60,000 to $83,000 was primarily driven by spot market activity, rather than derivatives. Analysis shows that during this price increase, there was no significant rise in open interest, volume, or basis in CME futures, which are typically favored by institutional investors. Similarly, CME options and perpetual derivative contracts on centralized exchanges did not exhibit notable increases in open interest or volume, and funding rates remained negative. Conversely, spot market indicators showed strong buying activity. Spot ETFs experienced clear buying pressure, and the Coinbase Premium Index generally remained positive. Additionally, Centralized Exchange Cumulative Volume Deltas (CVDs) increased throughout the rally. This suggests that the price movement was supported by spot market transactions, aligning with broader market trends such as the NASDAQ rally, rather than leverage-driven speculation in derivatives markets.