CryptoQuant CEO: BTC rally is futures-led with spot demand still negative

Ki Young Ju, CEO of CryptoQuant, is flagging a structural concern in the current Bitcoin move: the rally is being driven by futures activity while on-chain spot demand remains in negative territory. That divergence matters because it suggests leveraged positioning — not genuine accumulation — is doing the heavy lifting.

Historically, bear markets have only resolved when both spot and futures demand recover in tandem. A futures-only bid can lift price in the short term but leaves the move exposed to liquidation cascades if sentiment shifts. Until spot demand turns positive on-chain, the signal from CryptoQuant's framework is that the bear market has not structurally ended.