🚨 Warning: The current Bitcoin rally is not well-founded, driven by futures contracts "single-handedly"

Don't be fooled by the market. CryptoQuant's latest in-depth analysis reveals the essence of this Bitcoin rebound: it is a move driven by futures contract funds "single-handedly," and genuine spot demand has not yet recovered.

Core arguments:

1. Futures "single-handed": The open interest (OI) of futures contracts has surged sharply during the rise, indicating the rally is driven by leveraged funds.

2. Spot "missing": Although ETF funds are flowing in, the net on-chain spot demand remains negative to this day. This shows the market lacks genuine, stable buying pressure.

The industry rule has never changed: only when the real demand from both futures and spot markets work together can the bull market foundation be solid. This "false rise" supported solely by futures leverage is extremely fragile and could trigger a sharp correction at any time due to liquidations.

Operational tip: blindly chasing the high at this moment is extremely risky. Be sure to strictly manage your positions and avoid going all-in driven by emotions. The real market move will only start when the "other shoe" of spot demand drops. $BTC $GT $ETH