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THE SETUP THAT PUSHED BITCOIN TO $82K IN MAY IS FORMING AGAIN. Derivatives driving the market. Demand growth turning positive at 25,000 $BTC . The pattern is identical. But here is the critical warning. May's rally was short lived because spot demand never confirmed. And right now spot demand is still barely breathing. Futures can ignite a move. Only spot can sustain one. 25,000 BTC of demand growth is a start. Not a foundation. Watch spot demand obsessively right now. It is the only variable that determines whether this rally is real or another trap.