Bitcoin Demand Negative, But BTC Price Breakout Shows Big Catch
Key Insights:
- Bitcoin price faces weak spot demand as futures open interest rises.
- A second early bull signal points to a possible BTC bottom.
- Metaplanet and Hut 8 moved large BTC amounts, raising supply concerns.
Bitcoin price remains under pressure as new data points to weak spot demand, even as futures activity grows. That split raises a question: is the market close to a bottom, or is another decline possible before buyers return? Large BTC crypto transfers from treasury firms are also drawing market attention.
Bitcoin Demand Remains Weak As Futures Activity Rises
Bitcoin price is facing a mixed setup. Ki Young Ju said Bitcoin is futures-driven right now, with open interest rising while on-chain spot demand remains net negative. Traders are taking more futures positions, but the wider market is not showing enough direct buying from spot investors.
That matters because a lasting move higher usually needs more than rising futures bets. Ju said a sustainable rally needs both spot and futures demand. He also pointed to April as an example of how futures-led rallies can lose strength when spot demand does not provide enough support.
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