Bitcoin price enters moderate expansion as spot-driven gains outpace derivatives
Adler AM says Bitcoin’s price advance is spot-led, with its derivatives pressure index in “Expansion (Moderate)”, negative divergence, and no signs of euphoric leverage yet. Summary Adler AM’s composite derivatives pressure index, normalized on a 0–5 Z-Score scale, has turned positive after December’s flat-to-negative readings. Divergence between price and open interest is negative, meaning BTC…


