Analytics Company CEO Argues Bitcoin’s Recovery Isn’t Real! Explains What Could End the Bear Market!
Bitcoin ($BTC) has managed to stay above $75,000 in recent days, but it has been unable to surpass $80,000.
While Bitcoin’s attempt to rise was rejected at $80,000, the CryptoQuant CEO argued that the $BTC market is being driven by futures trading and that spot demand remains sluggish.
CryptoQuant CEO Ki Young Ju stated in a post on his X account that Bitcoin is currently showing a market trend driven by futures trading.
According to Ju’s analysis, the Bitcoin futures market is showing a trend centered around it, but on-chain demand has not yet recovered.
The CryptoQuant CEO noted that despite increased open positions, ETF inflows, and Michael Saylor’s purchases, the “Apparent Demand” indicator, which reflects the true $BTC demand in the market, remains negative.
“The current Bitcoin market is driven by futures trading.”
While open positions are increasing, despite ETF inflows and Michael Saylor’s purchases, on-chain ‘apparent demand’ shows a clear decline.
The renowned CEO, referring to past cycles, added that historically, bear markets tend to end with a simultaneous recovery in both spot and futures demand. This suggests that a recovery in spot-based demand is a key variable for a future trend reversal.
*This is not investment advice.