CryptoQuant Founder: Bitcoin Rally Led by Futures Market, On-Chain Spot Demand Remains Negative

Odaily News: CryptoQuant founder Ki Young Ju stated on the X platform that the current Bitcoin market is led by the futures market, with open interest on the rise, while the net on-chain spot demand remains negative. A sustainable rally requires support from both spot and futures demand; as seen in April, a rally driven by the futures market, lacking spot support, often struggles to sustain.