BlockBeats News, August 12th, CryptoQuant founder Ki Young Ju stated in a post that the current Bitcoin trend is mainly driven by the futures market, with Open Interest continuing to rise, but on-chain spot demand remains in a net negative state.

He pointed out that a sustainable bull run requires growth in both spot demand and futures demand. Currently, the market relies more on leverage to drive prices up, rather than genuine buying pressure. Ki Young Ju stated that the price action in April has already shown that a futures-driven rally without strong spot demand support is often unsustainable.