CryptoQuant: bitcoin rally at risk from weak spot demand
- —Market structure resembles January-March 2026, with derivatives dominating
- —On August 21, spot and perpetual futures volumes surged sharply
- —The activity spike coincided with a 24% rise in bitcoin
- —CryptoQuant recommends focusing on risk management rather than expecting a rally
Why it matters: If the rally rests on derivatives without spot demand, a correction could be sharp if the macro backdrop deteriorates.
Source: Cryptocurrency.tech