Analysis: Bitcoin's current rise is driven by demand in the futures market, while spot demand has not yet recovered.

CoinFeed reported on April 27th that CryptoQuant CEO Ki Young Ju stated in an article on the X platform that Bitcoin's current rise is primarily driven by demand in the futures market. While open interest is increasing, despite ETF inflows and Strategy's buying, apparent on-chain demand remains negative. Historically, a bear market only ends when both spot and futures demand recover.