CryptoQuant: Bitcoin Rally Driven by Futures Despite Weak On-Chain Demand

2026-04-27 16:17

Bitcoin's recent price increase is primarily driven by futures contracts, according to analysis by CryptoQuant. The report highlights a rise in open interest, even as on-chain apparent demand remains negative despite ETF inflows and purchases by Michael Saylor. CryptoQuant founder Ki Young Ju noted that historically, the end of a bear market is marked by simultaneous increases in both spot and futures demand. On-chain apparent demand refers to the organic spot demand indirectly reflected through real blockchain flows and holding behaviors.

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