CryptoQuant CEO Says Bitcoin Rally Is Futures-Driven as On-Chain Demand Keeps Falling
Summary
- Ki Young Ju said Bitcoin is currently in a futures-led market.
- He said on-chain apparent demand remains in net decline despite rising open interest, ETF inflows, and Michael Saylor’s purchases.
- He also said bear markets tend to end when spot and futures demand recover at the same time, reinforcing the view that a rebound in spot-based demand will be a key variable in the market’s next trend shift.
Forecast Trend Report by Period
Bitcoin’s recent rally is being driven by the futures market, while on-chain demand has yet to recover, according to CryptoQuant CEO Ki Young Ju.
Ju wrote in a post on X on April 27 that Bitcoin is currently in a futures-led market.
Open interest is rising, but on-chain "apparent demand" remains in net decline despite inflows into exchange-traded funds and purchases by Michael Saylor, he wrote.
Apparent demand is an on-chain metric that reflects factors such as new capital entering the market and increases in held assets. It is used to gauge underlying demand trends.
Referring to past cycles, Ju added that bear markets have tended to end when demand in both spot and futures markets recovers at the same time.
That has reinforced the view that a recovery in spot demand could be the key variable for the market’s next trend shift, as the current rally is being led by derivatives.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
