Bitcoin Rebound Fueled by Leveraged Futures, Not Real Spot Demand
Bitcoin's rebound from Tuesday's low near $63,200 is largely driven by leveraged futures positioning rather than real spot buying, according to data cited by analytics account XWIN Japan.
The setup is reminiscent of April's failed rally, when Bitcoin climbed towards $79K before fading as leverage unwound without stronger spot demand behind it.
XWIN Japan pointed out that 30-day perpetual futures demand has turned positive again, while on-chain spot demand remains negative. This means traders are adding leveraged exposure before real spot buying has caught up.
CryptoQuant CEO Ki Young Ju echoed a similar sentiment, noting that open interest is climbing while on-chain spot demand stays negative, and 'a sustainable rally needs both spot and future demand.'