Analysis: Bitcoin is currently driven by the futures market, while on-chain apparent demand remains negative.

Ki Young Ju, CEO of CryptoQuant, stated that Bitcoin’s current price movement is primarily driven by the futures market. Although open interest continues to rise—and ETF inflows and Michael Saylor’s ongoing purchases persist—on-chain apparent demand remains net negative. Ki Young Ju also noted that, historically, bear markets typically end when spot demand and futures demand recover simultaneously.