Bitcoin (BTC) has managed to stay above $75,000 in recent days, but it has been unable to surpass $80,000.
While Bitcoin’s attempt to rise was rejected at $80,000, the CryptoQuant CEO argued that the BTC market is being driven by futures trading and that spot demand remains sluggish.
CryptoQuant CEO Ki Young Ju stated in a post on his X account that Bitcoin is currently showing a market trend driven by futures trading.
According to Ju’s analysis, the Bitcoin futures market is showing a trend centered around it, but on-chain demand has not yet recovered.
The CryptoQuant CEO noted that despite increased open positions, ETF inflows, and Michael Saylor’s purchases, the “Apparent Demand” indicator, which reflects the true BTC demand in the market, remains negative.
“The current Bitcoin market is driven by futures trading.”
While open positions are increasing, despite ETF inflows and Michael Saylor’s purchases, on-chain ‘apparent demand’ shows a clear decline.
The renowned CEO, referring to past cycles, added that historically, bear markets tend to end with a simultaneous recovery in both spot and futures demand. This suggests that a recovery in spot-based demand is a key variable for a future trend reversal.
*This is not investment advice.
