Bitcoin's latest move is still being driven mainly by futures activity, with open interest rising even as on-chain spot demand remains in net selling territory, CryptoQuant's Ki Young Ju said. He warned that sustainable gains require both spot and futures demand, and said a similar futures-led setup in April later weakened because spot demand failed to recover. CryptoQuant analysts also reported that USDT's market capitalization has fallen by about $4 billion over the past two months, one of the sharpest contractions in recent years. They said the decline may point to weaker liquidity and investor exits in the short term, but added that similar USDT contractions have historically appeared more often in the later stages of bear markets, when selling pressure was nearing an end rather than intensifying.