CryptoQuant founder: Bitcoin's rise is driven by the futures market, while on-chain spot demand remains negative

Odaily News: CryptoQuant founder Ki Young Ju stated on platform X that the current Bitcoin market is being driven by the futures market, with open interest rising while net on-chain spot demand remains negative. A sustainable rally requires support from both spot and futures demand; as seen in April, rallies led by the futures market without spot support often fail to sustain.