Not all bullish price action is the same.
Sometimes price rises while: • Open Interest surges
• Funding turns aggressively positive
• Leverage builds quickly
That is derivatives-driven expansion.
Other times price rises while: • Exchange reserves decline
• Long-term holders accumulate
• Spot demand increases
That is structural accumulation.
These two dynamics look similar on a chart —
but they are fundamentally different.
Leverage-driven rallies are fragile.
Spot-driven rallies are resilient.
If derivatives expand without on-chain confirmation,
the move relies on positioning, not allocation.
If on-chain accumulation rises while derivatives remain muted,
the market is building foundation quietly.
Retail traders see upward candles.
Professionals ask:
“Who is actually buying — traders or holders?”
Because leverage can disappear in hours.
Accumulation takes weeks to unwind.
When you differentiate between speculative expansion and structural accumulation,
you begin evaluating durability — not excitement.
And durability is what determines whether trends survive volatility.