CryptoQuant CEO Ki Young Ju Says Bitcoin Rally Is Futures-Driven, Needs Spot Demand to Last

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Bitcoin’s recent advance is being driven by futures trading, and a sustained rally will require a recovery in spot demand, according to CryptoQuant CEO Ki Young Ju.

Writing on X on August 11, Ju said Bitcoin is currently being led by the futures market. Open interest is rising, but on-chain spot demand remains in net selling territory, he wrote.

Open interest refers to the volume of outstanding derivatives contracts, including futures and options, that have not been closed. An increase in open interest typically signals fresh capital entering the market and a buildup in leveraged positions.

By contrast, on-chain indicators show spot demand has yet to recover clearly. That means prices are rising on inflows into the futures market alone, while spot buying of actual Bitcoin is not providing the same support for the advance.

Ju said sustainable gains require buying demand in both futures and spot markets at the same time.

"Sustainable rallies need both spot and futures demand," he wrote. "As we saw in April, futures-led rallies tend to weaken without support from spot demand."