BTC breaks through $70,000, but I’m not planning to chase longs. Because behind this surge, there’s a signal that’s worth being cautious about: The price is rising, but the spot premium isn’t following suit. Last night during the first wave of the pump: BTC went up → Spot buying followed → Price and spot premium rose in sync This was a relatively healthy upward structure. But today, things are starting to look different. BTC continues to push past $70,000, Yet the Coinbase Premium is still negative, even approaching recent lows. What does this mean? It’s simple: The price is still climbing, but real U.S. spot funds aren’t chasing the price. Instead, it feels more like: Futures buying → Short covering → Leverage driving the price higher. This is exactly what I’m cautious about right now— The divergence between price and spot, where "price rises, but spot doesn’t follow." If this structure persists, The price will likely need to return to find real spot support. So moving forward, aside from the positions already within my strategy, I won’t subjectively chase longs here. Instead, I’ll be watching: $69,700 This is the level I think we’re likely to retest next. If we retest and the spot premium strengthens again, That’s the bullish structure I’d prefer to see. A truly healthy bull market shouldn’t just have rising prices. Spot funds need to keep up too. All of the above is purely my personal opinion and not investment advice.