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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.
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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.