Bitcoin bounced Tuesday from a low near $63,200, but the move is driven mainly by leveraged futures positioning rather than actual spot buying, according to CryptoQuant data cited by analyst XWIN Japan. The 30-day perpetual futures demand has turned positive while on-chain spot demand remains negative, replicating the pattern that preceded April 2026’s failed rally. Ki Young Ju, CEO of CryptoQuant, confirmed that open interest is rising while spot demand stays negative, stating that a sustainable rally requires both spot and futures demand. Bitcoin was trading around $64,000 on Wednesday, up only 1.4% over 30 days and down 46% year-over-year, with a market capitalization near $1.28 trillion. The $65,000 level is identified as the key threshold to break for a bottom confirmation.
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