Bitcoin is bouncing back in the $60,000 range, but its upward momentum relies more on the derivatives market than on spot demand. While demand for perpetual futures and open interest is increasing, on-chain spot demand remains in a negative state. According to CryptoQuant on the 13th, the 30-day cumulative demand for perpetual futures has recently returned to positive territory, but the buying pressure in the spot market has not recovered. The current structure is similar to that of last April when Bitcoin rebounded from around $66,000 to $79,000, led by futures demand. Bitcoin's open interest has increased to approximately $22.4 billion, indicating an influx of new leveraged positions. However, the lack of support from spot demand raises concerns about the liquidation of leveraged positions during price corrections. The amount of Bitcoin held on exchanges has decreased to about 2.72 million BTC, which is a positive signal from the supply side, but a short-term recovery in spot demand is needed. Currently, the market is showing an increase in futures demand and ETF fund inflows, but spot demand remains weak. The CEO of CryptoQuant emphasized that both spot and futures demand are necessary for sustainable growth.
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