Leverage-driven pumps usually end the same way: sharp price pullbacks.
Here, perp OI and funding pushed $BTC price up while spot demand stayed weak. Price was carried by leveraged longs, not real buyers.
Once sellers stepped in, liquidations started to cascade and the move

Leverage-driven pumps look great until they don’t ⚠️
When perp OI and funding ramp while spot demand stays weak:
• Price is carried by leveraged longs, not real buyers
• A thick liquidation stack sits right below price
• One sharp wick can trigger a cascade of forced selling x.com/10228210511878…

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