CryptoQuant CEO Warns Bitcoin Demand Imbalance

CryptoQuant CEO Ki Young Ju has cautioned that Bitcoin's recent price recovery, nearing $77,500, is primarily fueled by perpetual futures traders rather than organic spot buyers. On-chain data reveals that despite significant inflows into Bitcoin ETFs and corporate accumulation by entities like MicroStrategy, the 30-day on-chain apparent demand for Bitcoin remains net negative. This divergence is concerning because leveraged futures positions can be quickly unwound, unlike spot buying which requires fresh capital. Historically, sustainable market bottoms are formed when both spot and futures demand recover simultaneously. The current situation, with rising futures open interest but weak spot demand, mirrors patterns seen in previous mid-cycle bounces that ultimately led to further price declines due to forced liquidations. Traders are now closely monitoring whether spot demand will turn positive, which would signal new capital absorbing supply pressure and potentially confirm a healthier market recovery.

(Source：BeInCrypto)