CryptoQuant: The selling pressure in the current market is still strong, and the rise driven by derivatives usually lacks sustainability

CryptoQuant analyst Darkfost pointed out that the current market has seen the largest scale of growth in open contracts in 24 hours recently. Historically, derivatives-driven rises often lack sustainability.

During the strong bull market stages in November and December 2024, open contract volumes grew by 16% and 15% respectively, with positive momentum from the spot market strongly supported by active trading on the derivatives market. However, this time prices only rose by 4.2%, while similar past events led to price increases of 10% and 7%. This difference suggests that there is still strong selling pressure in the current market.