According to Miles Deutscher, Coinbase's spot premium has stayed stable throughout the latest Bitcoin rally, with $BTC rising to new highs while showing minimal leverage buildup compared to previous all-time-high runs (source: @milesdeutscher, Twitter, May 18, 2025). This suggests the current surge is driven primarily by spot demand rather than leveraged speculation, which may indicate a more sustainable price movement and lower risk of forced liquidations. Traders should monitor Coinbase's spot premium and leverage ratios closely for potential shifts in market sentiment and volatility.