Celestia Upgrade Ignites Spot Demand, Futures Traders Remain Cautious

Celestia's network upgrade on July 1 sparked renewed interest in the cryptocurrency, driving spot demand and boosting its price. The upgrade completed at block height 11,771,698 without disrupting trading activity, causing exchanges to briefly pause deposits and withdrawals.

The upgrade triggered a 10.12% increase in Celestia's [TIA] price over the past 24 hours, reaching $0.4060 during the move. Trading volume surged by 102.19%, climbing to $59.5 million as investors returned to the market.

However, futures traders continued to dominate derivatives markets with aggressive sell orders throughout the recovery period. The 90-day Futures Taker CVD remained seller-dominant, indicating that derivatives traders had not fully embraced the rally despite spot demand.

The divergence between spot and futures activity suggests an improving market structure, as stronger spot participation often provides healthier support than leveraged buying alone. Despite this, persistent seller dominance in futures indicates bearish conviction has not disappeared completely.