Ki Young Ju says BTC rally may fade without spot demand

CryptoQuant CEO Ki Young Ju said the current Bitcoin market is being driven by futures demand, and any rebound is unlikely to last unless spot demand follows. In a post on X, Ki said open interest is rising while on-chain spot demand remains in net decline, adding that both spot and futures demand are needed for a sustained advance. Ki also said futures led the uptrend in April, but the move did not last because spot demand failed to provide support. Ki added the conditions for a bull market are not yet in place. A CryptoQuant indicator heat map shared by Ki showed that, among 15 indicators, eight including the profit and loss index and Bitcoin demand metrics were classified as BEAR, while the remaining seven were marked NEUTRAL. None signaled BULL.