Ki Young Ju "Bitcoin (BTC), whales accumulating in the spot market · individual speculation in futures… possibility of a rise after liquidations"

An analysis has emerged that the characteristics of investors in the spot and futures Bitcoin (BTC) markets are becoming distinctly divided.

On the 30th (local time), Ki Young Ju, CEO of CryptoQuant, said on his X (formerly Twitter) that while whale investors have been accumulating in the recent Bitcoin spot market, the futures market has seen high-risk speculation centered on individual investors.

He said this structure increases volatility in the short term but could transition to an upward trend after a certain point. He explained that spot buying and futures speculation are progressing simultaneously, creating an overheated trading phase.

He pointed out that if futures positions using excessive leverage accumulate, large-scale liquidations caused by price movements are likely to occur. He analyzed that after such liquidation phases, the market could become lighter and prices could rebound.

Ki Young Ju said, "The structure in which whales buy spot and individual investors speculate in futures has been repeatedly observed in the past," and added, "After leveraged positions are cleared, a relatively stable upward phase can unfold."