Recent Bitcoin price surge has reached new highs, exceeding $109,827. While market observers debate whether derivatives markets were the primary driver of this rally, key indicators point towards a more robust spot demand story. 7% annualized Bitcoin futures premium remains within the historically typical range, suggesting healthy but not excessively leveraged bullish sentiment. This contrasts with past rallies like January’s, where higher derivatives premiums fueled unsustainable price increases. Furthermore, the absence of an overwhelming Coinbase premium suggests broader, balanced buying pressure in the market. Data on spot ETF inflows supports this narrative, exceeding $1.37 billion in just two weeks. A notable indicator is the relatively low forced liquidations during the recent rally ($170 million between May 18-21), demonstrating sustained buyer interest. The current price action suggests a more grounded market compared to past highs. While macroeconomic factors like the US Federal Reserve’s position and ongoing tariff wars continue to influence the market, the overall bullish trajectory appears fueled by strong spot demand.