Julio Moreno: Bitcoin Rise Driven by Demand for Perpetual Contracts

CryptoQuant research director Julio Moreno stated in an article on X platform that the recent rise in Bitcoin prices is entirely driven by demand in the perpetual contract market, and spot demand is still shrinking but at a slower pace. He mentioned that a similar situation occurred when Bitcoin rose to $98000 in January this year. If traders take profits and spot demand continues to shrink, the market may face the risk of a pullback.