Ki Young Ju warns BTC rally may fade without spot demand

CryptoQuant CEO Ki Young Ju stated that the current Bitcoin market is driven by futures demand, and any rebound is unlikely to last without accompanying spot demand. He noted that while open interest is rising, on-chain spot demand is in net decline, emphasizing that both spot and futures demand are necessary for a sustained price increase. Ki highlighted that futures led the uptrend in April, but the movement did not endure due to a lack of support from spot demand. He concluded that the conditions for a bull market are not yet established. A CryptoQuant indicator heat map shared by Ki revealed that out of 15 indicators, eight, including the profit and loss index and Bitcoin demand metrics, were classified as BEAR, while the other seven were marked NEUTRAL, with none indicating BULL.

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