Bitcoin Rally Fueled by Spot Accumulation as DeFi Perpetual Contract Monthly Trading Volume Surpasses $1 Trillion

COINOTAG News reports that Bitcoin on-chain transaction fees fell 8.6% to $2.03 million, implying the current rally is driven more by spot accumulation than by rising on-chain demand. Seven-day net outflows from exchanges stood at as much as $20.6 billion, a potent signal of accumulation, as investors transfer BTC to self-custody for long-term holding, reducing immediate spot supply.

On-chain derivatives activity underscores a liquidity boost, with monthly perpetual contracts turnover surpassing $1 trillion, 30-day volume around $1.3 trillion, and open interest near $17.9 billion, signaling robust on-chain liquidity for DeFi traders. The macro backdrop features a widely expected second Fed rate cut since September, with historical volatility typically peaking at policy pivots; Powell‘s unexpected stance on December policy adds an additional layer of risk for crypto assets.