The lower volatility and leverage in the options and futures markets suggest that Bitcoin's breakthrough of $70,000 on Friday was more driven by demand in the spot market. Retail investors tend to buy tokens in the spot market rather than using derivatives that help increase leverage. Luke Nolan, research assistant at cryptocurrency asset management company CoinShares, said that the current rise in Bitcoin prices seems to be more driven by the spot market as it is "healthier" and has lower leverage than on Tuesday.