Bitcoin has experienced a notable price increase, driven primarily by spot demand rather than leveraged futures positions. The cryptocurrency has risen approximately 10% year-to-date, with its price remaining below $97,000. This shift from a leverage-driven rally to one supported by spot buying is considered a healthier market movement. On-chain and derivatives data reveal that the open interest in Bitcoin futures is stable at 678,000 BTC, similar to the 679,000 BTC recorded earlier this month. Despite the stable leverage, the perpetual futures funding rate is negative, indicating potential short-squeeze risks as traders bet against the price rise.