CryptoQuant CEO Says Bitcoin’s 24-Hour Rebound Was Driven by Whales

Bitcoin’s recent rebound was driven by whale investors leading activity in both the spot and futures markets, according to an analysis.

On July 6, Ki Young Ju, chief executive officer of on-chain analytics firm CryptoQuant, wrote on X that “whales drove both BTC spot and futures over the past 24h.”

The remark suggests large investors were buying Bitcoin in the spot market while also building positions aggressively in futures, helping power the price increase.