Bitcoin's Leverage Trap: Why CPI Can't Move a Ghost Market

Bitcoin's spot trading volume has dropped to levels not seen since 2019, while leveraged long positions on Hyperliquid have been net positive every day since mid-March, meaning speculators are betting on a rally that real spot buyers are not supporting. The article argues the $58,500 support level is weakening week by week and that macro events like CPI no longer move the market as the traditional playbook has broken. It also raises questions about the Bitcoin halving, Strategy's role in the market, and whether Bitcoin ETFs are still attracting institutional money.