CryptoQuant Founder: BTC Currently Driven by Futures Market, Spot Demand Yet to Recover
08/12 05:10
On August 12, Ki Young Ju, founder of CryptoQuant, stated that the current trend of Bitcoin is primarily driven by the futures market, with open interest continuing to rise. However, on-chain spot demand remains in a net negative state. He pointed out that a sustainable upward trend requires both spot and futures demand to grow simultaneously. Currently, the market relies more on leveraged funds for support rather than genuine buying interest. Ki Young Ju noted that the April market already demonstrated that futures-driven increases lacking support from spot demand are often difficult to sustain.
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