Bitcoin's recent price recovery is primarily driven by a surge in futures demand, while spot demand remains negative. Data indicates that the 30-day sum of spot demand is at -38K BTC, showing improvement from February's low of -250K BTC but still in negative territory. In contrast, futures demand has surged to +185K BTC, suggesting that derivatives traders are propelling the market rather than long-term investors. This imbalance raises concerns about the sustainability of the rally, as a healthy bull market typically relies on strong spot demand. Since January, Bitcoin has not recorded a single week of positive spot demand, indicating a lack of genuine accumulation. The current setup echoes past market distribution phases, where futures-driven rallies eventually led to price declines. With a Federal Reserve decision on the horizon, the market remains vulnerable to volatility, especially if sentiment shifts rapidly.