[Analyst: BTC Market Dominated by Nearly 90% Futures Trading, Spot Demand Still the Missing Link for Rebound] Odaily Planet Daily News – CryptoQuant on-chain analyst Darkfost stated that the current Bitcoin (BTC) market is clearly dominated by futures trading, with the ratio of Binance spot to futures trading volume at approximately 0.12, meaning futures trading accounts for about 90%. Meanwhile, Binance's BTC open interest has dropped from $10.6 billion to $9.2 billion over the past week, but spot demand remains weak, preventing this ratio from improving. Darkfost pointed out that the current rebound is primarily driven by the futures market, with spot buying still being the missing link. If spot demand fails to catch up, this rebound could become unstable.