Analyst Claims BTC Market is 90% Dominated by Futures, Weak Spot Demand

CryptoQuant on-chain analyst Darkfost stated that the Bitcoin (BTC) market is dominated by futures trading, with the trading volume ratio of Binance spot to futures at approximately 0.12, and futures trading volume accounting for about 90%. The open interest of BTC on Binance has decreased from $10.6 billion to $9.2 billion over the past week, with spot demand remaining weak, leading to no improvement in this ratio. Darkfost pointed out that the current rebound is primarily driven by the futures market, and the lack of spot buying remains a missing piece; if spot demand does not follow, this rebound may become unstable.

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