Do you think derivatives dominate BTC price short-term, or does spot demand still lead? Curious to hear different views

$BTC Bitcoin isn’t moving only because of retail sentiment or weak hands.
Over time, derivatives have become the dominant driver of price action: • Futures
• Perpetuals
• Options
• ETFs
• Synthetic exposure
When synthetic exposure grows faster than on-chain activity, price discovery shifts from spot demand to positioning, hedging, and liquidations.
This doesn’t mean Bitcoin’s fundamentals are gone —
it means short-term price can diverge from on-chain scarcity.
We’ve seen this before in traditional markets like: • Gold
• Oil
• Equities
Understanding this helps explain why: • Rallies get sold aggressively
• Volatility spikes without news
• Liquidations move price faster than fundamentals
Bitcoin hasn’t failed.
But trading it without understanding derivatives is risky.
Markets reward awareness — not narratives.
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#CryptoMarkets #Derivatives #Marketstructure #BinanceSquare