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Pretty interesting to see $BTC spot CVD now outpacing perp CVD. Spot has pushed beyond its previous high while perpetuals are still trading below theirs. This helps explain why we haven’t seen the same continued cascade of liquidation flushes that followed previous range breakdowns. It doesn’t necessarily mean the lows are fully protected. If spot demand begins fading, price can still move lower. But as long as spot buying continues to strengthen, corrections towards the range lows should be absorbed much better than they were during previous breakdowns. Less leverage driving the move means less leverage available to unwind. #DailyOrbit