Weakening Bitcoin Spot Demand Amid Futures Strength

CryptoQuant founder and CEO Ki Young Ju has observed that Bitcoin's spot market is weakening while futures demand remains positive.

This divergence, where spot demand turns negative during rally phases, is a pattern that CryptoQuant flagged in April and appears to have persisted over the past three months.

Futures open interest has recovered to approximately $32 billion, creating fragile price structures where liquidation cascades in leveraged positions can trigger outsized moves in either direction.