Bitcoin's Current Rally Driven by Futures Demand, Spot Demand Yet to Recover

BroadChain learned on April 27 that CryptoQuant CEO Ki Young Ju posted on platform X, pointing out that the current Bitcoin rally is primarily driven by futures market demand. Although open interest continues to increase, ETF inflows coexist with Strategy's buying activity, on-chain demand indicators remain negative. Historical data shows that the bear market will only truly end when spot and futures demand recover simultaneously.