Wu said that, according to CryptoQuant analysis, the current rise of BTC is driven by futures contracts, with open interest increasing, and despite ETF capital inflows and Saylor's purchases, on-chain apparent demand remains net negative. CryptoQuant founder Ki Young Ju further pointed out that historically, the end of a bear market is marked by a simultaneous rebound in spot and futures contract demand. On-chain apparent demand refers to the organic spot demand indirectly reflected through real flow and holding behaviors on the blockchain.

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