Bitcoin (BTC) has surged 7% in the past hour, crossing $92,000 after Donald Trump announced a crypto strategic reserve. The price is now up 15% from recent lows of $78,000.

Data indicates this rally is driven by spot demand rather than speculation, signaling a healthy, organic move. Spot Cumulative Volume Delta (CVD) shows buyers as the aggressors, with over $200 million in spot inflows in the past hour. Meanwhile, futures open interest has declined, reinforcing that this surge is fueled by real buying rather than leveraged speculation.

Spot CVD (Glassnode)