Futures Fuel Bitcoin Rebound on Binance Amid Weak Spot Demand

Bitcoin's recent rebound is being driven mainly by futures trading on Binance, rather than spot buying. According to recent data, futures represented roughly 90% of the exchange's Bitcoin spot-and-futures trading volume, with a spot-to-futures volume ratio of about 0.12.

This means that while open interest in Bitcoin futures on Binance did fall from $10.6 billion to $9.2 billion over the past week, the decline has not led to an improvement in the balance between spot and futures activity. Spot buying demand remains subdued.

The dominance of futures trading is a sign that the rebound may be unstable without stronger spot demand.