<ul><li>Bitcoin surged to $106,000 driven by robust spot market demand, with Coinbase experiencing $45 million daily buying pressure, as per Glassnode's report.</li><li>The rally saw strong accumulation phases, ETF inflows, and reduced sell-side pressure, indicating sustained bullish momentum despite recent profit-taking by long-term holders.</li><li>Spot market demand outpaced derivatives, showing heavy BTC trading in the $93,000-$95,000 range. Derivatives markets lagged with a drop in perpetual futures open interest, possibly signaling a short squeeze as bears exited.</li><li>Long-term holders have started cashing in profits, but Glassnode suggests that profit-taking has not yet reached exhaustion levels, leaving room for further rally.</li></ul>

Spot Markets Drive Bitcoin to $106K as Coinbase Sees $45M Daily Buying Pressure: Glassnode

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