{"key":"bitcoin-spot-vs-leverage","generated_at":1789409920.8464382,"calculated_at":1789409920.8464382,"updated":1789409920.8464382,"source_observed_at":1789409920.8464382,"observation_start":null,"observation_end":null,"temporal_start":null,"temporal_end":null,"source_interval":"live","calculation_refresh_seconds":300,"source_refresh_seconds":300,"refresh_seconds":300,"stale":false,"source":"CoinNudge composite: Binance, Coinbase, Hyperliquid, OKX and MEXC","window":"15 minutes to 1 hour","limitation":"CVD and active flow are executed-market proxies, not wallet inflows. OI, funding and basis describe derivatives positioning but cannot identify every trader or prove causality.","calculation_version":"btc-spot-leverage-evidence-2.0","evidence_columns":[["layer","Evidence layer"],["status","Availability"],["reading","Current reading"],["raw_value","Raw value"],["value","Measured value"],["positive_rule","Published positive rule"],["supports_positive","Positive vote"],["observed_at","Observed UTC"],["interpretation","What it measures"]],"metric_cards":[["1/2","positive available spot checks"],["1/1","positive available leverage checks"],["insufficient current coverage","current evidence class"],["2","unavailable and excluded"]],"summary":{"answer":"BTC currently looks insufficient current coverage: 1/2 available spot checks and 1/1 available leverage checks are positive. Missing components are shown as unavailable and excluded from both numerators and denominators; they are never treated as negative."},"items":[{"layer":"Binance spot CVD","status":"available","reading":"aligned buying pressure","raw_value":25.180896082118213,"value":"1h +25.18%","positive_rule":"positive when 1h CVD > 0","supports_positive":"yes","observed_at":1789409699.999,"interpretation":"Aggressive spot buying or selling, not exchange deposits.","calculation_version":"btc-spot-leverage-evidence-2.0"},{"layer":"Coinbase spot flow","status":"available","reading":"selling","raw_value":-6615326.768222317,"value":"15m net $-6.62M","positive_rule":"positive when 15m net aggressive flow > 0","supports_positive":"no","observed_at":1789409920.8464382,"interpretation":"US-dollar spot participation from Coinbase BTC-USD.","calculation_version":"btc-spot-leverage-evidence-2.0"},{"layer":"Open interest","status":"unavailable","reading":"unavailable — excluded","raw_value":null,"value":"1h —","positive_rule":"positive when 1h OI change > 0","supports_positive":"unavailable","observed_at":1789409920.8464382,"interpretation":"Whether outstanding perpetual exposure is growing.","calculation_version":"btc-spot-leverage-evidence-2.0"},{"layer":"Funding range midpoint","status":"available","reading":"positive","raw_value":0.0007875,"value":"range +0.0003% to +0.0013% hourly","positive_rule":"positive when normalized venue-range midpoint > 0","supports_positive":"yes","observed_at":1789409920.8464382,"interpretation":"A transparent crowding-cost sign; not a volume-weighted market average.","calculation_version":"btc-spot-leverage-evidence-2.0"},{"layer":"Perpetual basis","status":"unavailable","reading":"unavailable — excluded","raw_value":null,"value":"—","positive_rule":"positive when aligned perpetual basis > 0","supports_positive":"unavailable","observed_at":1789409920.8464382,"interpretation":"Aligned perpetual price versus Binance spot reference.","calculation_version":"btc-spot-leverage-evidence-2.0"},{"layer":"Observed liquidations","status":"available","reading":"context_only","raw_value":197.36275,"value":"$197.36","positive_rule":"context only; no positive vote","supports_positive":"context only","observed_at":1789409920.8464382,"interpretation":"Observed OKX liquidation pressure, not all-exchange totals.","calculation_version":"btc-spot-leverage-evidence-2.0"}],"observations":[],"health":[],"classification":null,"classification_status":"insufficient leverage or spot coverage","available_checks":{"spot":2,"leverage":1},"unavailable_checks":{"spot":0,"leverage":2}}