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Bitcoin is flashing two different messages at once: futures activity is building, but spot demand is still weak. That split has made traders debate whether the market is quietly carving out a bottom or simply pausing before another leg lower. Futures Are Doing the Heavy Lifting On-chain analyst Ki Young Ju says the latest price action is being driven more by the derivatives market than by direct buying on spot exchanges. Open interest in BTC futures has continued to rise, while spot demand remains negative on a net basis. That matters because futures-led rallies can move fast, but they can…

Big Paper Losses Put Two Corporate Bitcoin Giants Under Pressure Strategy and Tokyo-listed Metaplanet have both taken sizable unrealized losses on their Bitcoin holdings, highlighting how quickly a concentrated treasury model can move from bold to fragile. Metaplanet disclosed a paper loss of about $1.5 billion on 43,000 BTC, while Strategy reported an unrealized loss of $8.2 billion, bringing the combined damage close to $10 billion. Those numbers matter because they are not just mark-to-market fluctuations. They show how much balance-sheet risk can accumulate when a company ties its capital strategy to one volatile asset that produces no yield or…