CryptoQuant CEO: The rise in Bitcoin is driven by futures, while on-chain spot demand remains negative

2026-04-27 13:45:45

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CryptoQuant CEO Ki Young Ju stated that the recent rise in Bitcoin is mainly driven by the futures market, while on-chain spot demand remains negative.

He pointed out that, based on historical experience, bear markets typically require a synchronized recovery of both spot and futures demand to potentially end.

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BTC futures market on-chain demand

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Data: "Brother Maji" is currently long on 86 million USD in BTC and ETH, having lost 73.44 million USD in the past 6 months

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Data: The current 8-hour average funding rate for BTC across the entire network is -0.0036%

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BTC futures market on-chain demand