Futures activity is rising while spot demand stays negative, Ki Young Ju notes

Futures activity is rising while spot demand stays negative, Ki Young Ju notes
Bitcoin rally led by futures market

Ki Young Ju, founder & CEO at CryptoQuant, points to the current Bitcoin market as being driven primarily by futures activity.

Open interest for Bitcoin futures is increasing, but on-chain spot demand remains net negative. According to Ki Young Ju, a sustainable rally requires both spot and futures participation, noting that previous futures-led surges faded when spot support was lacking, as seen in April.

Earlier this year, Ki Young Ju reported that hedge funds on CME flipped net long on Bitcoin futures, marking a rare shift in institutional positioning. He also highlighted a period when active Bitcoin wallets rose to a two-year high following the Coldcard hack. Both developments contributed to heightened attention on market structure and participant behavior.

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