The CEO of the on-chain analytics firm CryptoQuant has suggested that Grayscale’s recent Bitcoin selling may not be behind the latest downtrend.
Bitcoin Has Been Derivatives-Driven Recently, Not Spot
In a new post on X, CryptoQuant CEO and founder Ki Young Ju discusses how the derivatives market has been the driving force behind recent price action in BTC.
The analyst has cited the “spot vs derivatives trading volume ratio” indicator to showcase this. The “trading volume” refers to a metric that keeps the total amount of Bitcoin involved in some kind of trading activity daily on a given exchange or group of exchanges.
When the value of this metric is high, it suggests that the platform in question is currently observing a high amount of trading activity. Such a trend implies that the exchange’s users are highly interested in making trades right now.
The spot vs derivatives trading volume ratio, the main metric of interest here, compares the combined trading volumes on all s
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