Ki Young Ju
@ki_young_ju
Bitcoin is futures-driven right now.
Open interest is rising, while on-chain spot demand remains net negative.
A sustainable rally needs both spot and futures demand. As April showed, futures-led rallies tend to fade without spot support. https://t.co/ayh6aTOJsb
@ki_young_ju
Bitcoin is currently futures-driven.
Open interest is rising, but on-chain apparent demand remains net negative despite ETF inflows and Saylor buys.
Historically, bear markets end when both spot and futures demand recover. https://t.co/HcCjBQTniL