Bitcoin’s dramatic weekend spike to a fresh all-time high of $125,700 lacked real spot demand and was largely the product of leveraged speculation in thin conditions, according to crypto analyst Maartun, who characterized the move as a classic fakeout rather than a durable breakout. “Bitcoin prints a brand new all-time high, $125,700… But hold on a second. The price almost immediately reversed,” he said, framing the question that followed: “Was that move for real?”

The Truth Behind Bitcoin’s Weekend Surge

Maartun argues the answer sits in the futures market. Open interest —capital tied up in outstanding derivatives positions—“didn’t just go up, it absolutely exploded,” rising by more than $2.1 billion during the rally. In his telling, that surge came “over a weekend, which is a time

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