Ki Young Ju, CEO of CryptoQuant, has highlighted that Bitcoin’s current price rally is largely futures-driven.
In his latest analysis, he pointed out that while Open Interest in BTC futures continues to rise, on-chain spot demand remains net negative — even with strong ETF inflows and consistent purchases from Michael Saylor’s Strategy. The attached 30-day demand growth chart clearly shows futures demand (purple) dominating, while spot demand (gray) has been weak or negative in recent periods.
Historically, Ki Young Ju noted, bear markets only truly end when both spot and futures demand recover simultaneously. The current divergence suggests the rally may be more speculative and leveraged than fundamentally driven by real accumulation.
Lesson for ONFA community: When futures dominate while spot remains weak, volatility can increase significantly. Watch on-chain metrics closely — a sustained recovery in spot demand would be the strongest confirmation of a healthy bull market.
