CryptoQuant analyst Darkfost reported that the current Bitcoin market has a very high proportion of futures trading volume compared to spot trading volume. He stated, "Based on Binance, this ratio is approximately 0.12. This means that the market is currently being driven by nearly 90% futures trading. In other words, when $1 is invested in spot, approximately $9 is invested in futures, which is a significant gap. Meanwhile, Open Interest (OI) is decreasing. Binance's OI decreased from $10.6 billion to $9.2 billion over a week. Nevertheless, the ratio is not improving due to weak spot demand." He added, "A bull market often begins with a recovery in speculative demand. Speculative funds flow in first, creating the spark for a rise, and then spot demand supports it, leading to a sustained upward trend. However, currently, that very spot demand is lacking. As the current rebound is primarily driven by the futures market, if spot demand does not follow, the rebound could quickly become unstable."
