Following the initial sell-off, Bitcoin entered a consolidation phase, with open interest declining and short leverage dominating, while selling continued in both spot and perpetual contracts. However, this situation has reversed over the past month. Long leverage has begun to accumulate, open interest has increased, the net selling price of perpetual contracts has turned positive, while the spot market remains net sold. Therefore, the current move in Bitcoin's price towards the top of its range appears to be primarily driven by derivatives trading.