Bitcoin’s recovery is driven by long-term futures traders, not spot buyers, according to CryptoQuant CEO Ki Young Ju. Positive demand for the chain remains negative despite the ETF’s increasing penetration and the number of companies.
Bitcoin (BTC) trades near $77,500 after failing to push $80,000. The difference between the futures position and the exit position is becoming a benchmark for the April market.
Investors Betting on Bitcoin Price, Not Buying
Ki Young Ju shared a CryptoQuant chart showing Bitcoin’s 30-day growth and futures demand. The purple futures bar also moved up into positive territory until April 2026.
The gray bars, however, remain below the zero line for the rest of the month. The demand for Spots continues to grow over 30 days, despite rising prices.
This difference is important because the permanent position of the future can be opened by force and without immediate injury. Spot purchases, in contrast, require new funds to cover the supply.
ETF Flows and MicroStrategy Buys Didn’t Change the Sign
US location Bitcoin ETFs attracted $786 million at their strongest entry every week from February through mid-April. Inflows topped $823 million the following week, with BlackRock’s IBIT leading the way.
MicroStrategyThe company’s vehicle, led by Michael Saylor, also bought 34,164 BTC for $2.54 billion in its third largest purchase. The purchase was made at an average price of $74,395, raising the total amount to 815,061 BTC.
Although both directions, on-chain need to be seen it has remained negative until April. CryptoQuant data showed the 30-day value near -87,600 BTC at the beginning of the month.
This difference shows that the ETF’s purchase and strategy compares to the transfer and sale of existing and existing miners.
When Will the Bear Market End?
Ki Young Ju has followed the Bitcoin movement for years. He announced earlier cycle theory is deadnaming the rotation between the old whales and the new long-lasting ones.
His latest design shows that sustainable development only happens when the space and the future are needed at the same time. A futures-led pullback without a recovery has already gone through another downward leg as momentum relaxes.
The current arrangement is consistent with that plan. Fund prices are up, open interest rates are rising, but the fundamentals remain weak.
Traders are now looking to see if the demand for space, like CryptoQuant, will be possible in the coming weeks. A conversion would mean that the new capital eventually takes on the energy that has been identified early warnings.
If spot futures continue to lead while spot demand is in the red, the rally is at risk of becoming a target. The previous explosion in the middle of 2025 did not change that, through forced withdrawals instead of new dollar currencies.
A note CryptoQuant CEO Warns Bitcoin’s Inadequacy appeared for the first time BeInCrypto.
