<ul><li>The current Bitcoin rally is seen as healthier and more sustainable, supported by on-chain data showing a negative Perpetual-Spot Price Gap on Binance.</li><li>A negative gap indicates strong spot buying by long-term holders, while leveraged long positions remain weak, signaling organic demand driving the rally.</li><li>This contrasts with historical rallies driven by speculative overexposure when perpetuals trade above spot, often leading to corrections.</li><li>Analysts suggest that the current rally, fueled by organic demand, may lead Bitcoin to climb further without the usual boom-bust cycles, but caution that a shift to a positive gap could signal profit-taking and increased volatility.</li></ul>

Bitcoin Hits New All-Time High, But Without the Usual Hype – Here’s Why That’s Bullish

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