Bitcoin’s recent price recovery is predominantly fueled by leveraged trading activities, according to data from Glassnode. The analysis highlights that while speculative positions are amplifying market movements, underlying spot market demand remains subdued. This divergence suggests that the current rally may lack robust support from long-term investors, emphasizing the importance of monitoring leverage ratios to assess market stability. Investors should exercise caution as elevated leverage can increase volatility and risk exposure in the cryptocurrency space.