CryptoQuant analyst: This round of BTC rally is mainly driven by leveraged trading rather than real capital inflow

```htmlJinse Finance reported on July 22 that, according to CryptoQuant analyst Sunny Mom, Bitcoin rose from around $64,000 to $66,000 within two days, but this rally was mainly driven by leveraged trading rather than real capital inflows. On-chain data shows that from July 18-19, the funding rate briefly turned negative, triggering a short squeeze that ignited the rebound. Subsequently, open positions climbed from about $21.2 billion to a new high of $23 billion, indicating that new leveraged positions are continuously pushing the market. Meanwhile, spot trading volume has remained in a "cooling off" state since April, and OTC stablecoin funds are more in a wait-and-see mode rather than exiting. In the ETF sector, US spot Bitcoin ETFs recorded net inflows for two consecutive weeks, with approximately $271 million flowing in on July 20 alone (of which IBIT contributed $116.5 million), showing institutional funds are slowly returning, but not enough to revive overall spot trading volume. The analyst warned that the current rally structure is fragile—once momentum dissipates, rapid leveraged liquidations could trigger a sharp correction. He advised waiting for a tangible recovery in spot trading volume before chasing gains.```