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极道桃园 Analysis: The ratio of Bitcoin futures to spot has fallen back to the low of October 2022, with strong spot demand. According to the crypto analysis company Swissblock, "We always hear someone say: 'False breakout rally. Offloading to the next buyer.' The reality is completely different. Since the low in April, this wave of market movement has been driven by spot—large capital allocators are going on a buying spree, nearly purchasing all remaining BTC. The ratio of futures to spot has fallen back to the low of October 2022, which is a sign of epic spot demand. This is true."