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Bitcoin ($BTC) has managed to stay above $75,000 in recent days, but it has been unable to surpass $80,000.
Despite Bitcoin’s attempt to rise being denied at $80,000, the CEO of CryptoQuant said ‘The futures trading are driving the $BTC market and spot demand is still very slow.
According to CryptoQuant CEO Ki Young Ju in a statement on his own X account, Bitcoin is now showing ‘a market trend driven by futures trading of bitcoin and the next big thing that has been happening with it.
The Bitcoin futures market is ‘trending around it’, Ju’s analysis of the coin says, but on-chain demand has not yet recovered.
The CryptoQuant CEO said that while the positions are open, ETF inflows and Michael Saylor’s purchases were ‘Apparent Demand” indicator (which measures true $BTC demand in the market) is still negative.
“The current Bitcoin market is driven by futures trading.”
While open positions are increasing, despite ETF inflows and Michael Saylor’s purchases, on-chain ‘apparent demand’ shows a clear decline.
A noted CEO, referring to previous cycles, said ‘Historically, bear markets end with a simultaneous recovery in spot and futures demand. For a future trend reversal, this suggests that if there is an opportunity for recovery in spot-based demand, it’s the key variable.
*This is not investment advice.
Thanks for reading Analytics Company CEO Argues Bitcoin’s Recovery Isn’t Real! Explains What Could End the Bear Market!
