​CryptoQuant CEO Ki Young Ju has highlighted a significant imbalance in the Bitcoin market. According to him, the recent price rally has been driven primarily by futures trading rather than genuine spot market demand. Ki noted that while open interest in Bitcoin futures continues to grow, visible on-chain spot demand remains in negative territory. Historically, bear markets end only when spot and futures demand recover simultaneously. Currently, however, the recovery appears to be fueled by leveraged futures traders rather than organic spot buyers. Even with substantial inflows into spot Bitcoin ETFs and large ... (full story)