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Bitcoin rally driven by futures, not spot demand, warns CryptoQuant CEO Ki Young Ju

Analyst Insights
27 Apr 2026
BeInCrypto
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Neutral
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CryptoQuant CEO Ki Young Ju highlights that Bitcoin's recent price rally near $77,500 is fueled by perpetual futures trading rather than organic spot buying. Despite strong inflows into US spot Bitcoin ETFs and significant corporate purchases by MicroStrategy, on-chain data shows net negative spot demand, indicating existing holders and miners are still selling. Historically, bear markets end when both spot and futures demand recover together, but currently, only futures demand is rising, which poses a risk of another price drop if spot demand doesn't improve soon. Investors are closely watching whether spot demand will turn positive to confirm a sustainable market bottom.

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