Analyst: Nearly 90% of BTC Market Volume Dominated by Futures, Spot Demand Remains the Missing Piece for a Rally

Odaily reports: CryptoQuant on-chain analyst Darkfost stated that Bitcoin (BTC) is currently clearly dominated by futures trading, with the ratio of Binance spot-to-futures trading volume at approximately 0.12, meaning futures account for roughly 90% of trading volume. Meanwhile, Binance BTC open interest fell from $10.6 billion to $9.2 billion over the past week, but spot demand remains weak, preventing the ratio from improving.

Darkfost noted that the current rally is primarily driven by the futures market, and spot buying remains the missing piece. If spot demand fails to follow through, this rally could become unstable.