Futures-Driven Rebound Tests Bitcoin's Sustainability
Bitcoin's recent price rebound is being driven primarily by leveraged futures positioning rather than real spot buying, according to CryptoQuant data cited by XWIN Japan. This setup bears a striking resemblance to April's failed rally, when Bitcoin climbed towards $79K before fading due to the lack of underlying spot demand.
The numbers tell the story: 30-day perpetual futures demand has turned positive again, while on-chain spot demand remains negative. Traders are adding leveraged exposure ahead of real spot buying, which is a warning sign for analysts.
Ki Young Ju, CEO of CryptoQuant, echoed this sentiment, noting that a sustainable rally needs both spot and future demand to recover together. He pointed out that even with ETF inflows and other bullish signals, Bitcoin's recent price action looks eerily similar to April's failed rally.