Ki Young Ju, founder of CryptoQuant, said on X that Bitcoin's current price action is driven mainly by the futures market, with open interest rising while net on-chain spot demand remains negative. He argued that a sustainable rally needs support from both spot and futures demand, noting that without spot backing, futures-led gains often fail to last, as seen in April.
CryptoQuant founder Ki Young Ju said on X that Bitcoin's current market movement is being driven by the futures market. Open interest is climbing, while the net value of on-chain spot demand remains negative.
Sustainable upside needs support from both spot and futures demand, he added. As April showed, a rally led mainly by futures tends to struggle to continue when spot support is missing.
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