Bitcoin Rebound at Risk as Futures Demand Outpaces Spot Buying
Bitcoin's recent rebound from near $63,200 may be short-lived due to an imbalance between futures and spot buying, according to analysts.
CryptoQuant data cited by XWIN Japan shows that 30-day perpetual futures demand has turned positive again, while on-chain spot demand remains negative. This setup is similar to April 2026's failed rally, which was preceded by rising futures demand while spot stayed weak.
Ki Young Ju, CEO of CryptoQuant, echoed this view, stating that a sustainable rally needs both spot and futures demand. He pointed out that Bitcoin was futures-driven even with ETF inflows and Michael Saylor's Strategy purchases in play during the previous failed rally.
Bitcoin is currently trading near $64,000, having oscillated within a 24-hour range of roughly $63,200 to $64,400 per CoinGecko data. The asset has been under pressure recently, with a choppy stretch that saw it get rejected at $65,000 earlier this month and then rally above that level on a weak US jobs report last Friday before getting rejected again.