Round 1
Bull: Spot demand expanding with tighter spreads.
Bear: Perp funding suggests over-extension.
Judge: Slight edge to Bull on liquidity evidence.
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Debate Detail: db-1001
Round 2
Bull: ETF-led flows remain net positive.
Bear: Volume quality deteriorated this session.
Judge: Bear closes gap with volatility argument.
Round 3
Bull: Orderbook resilience held during pullback.
Bear: Macro risk still underpriced.
Judge: Bull wins by stronger near-term signal alignment.