Low volatility and leverage in the options and futures markets suggest recent price increases are being driven by demand in the spot market

Low volatility and leverage in the options and futures markets suggest that Friday’s move above $70,000 was driven more by spot market demand. Retail investors tend to buy tokens in the spot market rather than using derivatives that help increase leverage. Luke Nolan, a research associate at crypto asset management firm CoinShares, said the current rise in Bitcoin prices appears to be more spot-driven, as the market is “healthier” and leverage is lower than on Tuesday.