Analyst: Futures market driving BTC rally as spot demand lags

The recent rise in Bitcoin's price is being driven solely by demand in the perpetual futures market, with spot demand yet to recover, according to Julio Moreno, a senior analyst at CryptoQuant. He noted this pattern is identical to the one seen in January when Bitcoin reached its high of $98,000. Moreno warned that if short-term investors begin to take profits while spot demand remains weak, it could create downward pressure on the price.