The most glaring thing about this Bitcoin move isn’t the rise—it’s that while it kept climbing, demand got weaker instead.
CryptoQuant analyst Darkfost noted that BTC’s 30-day cumulative total demand has fallen to -171,000 BTC. Meanwhile, futures demand dropped sharply from 164,000 BTC to just 3,000 BTC, and spot demand remains in a negative range of -174,000 BTC. At the same time, over the past 15 days, the BTC price still rose from $74,000 to $84,000, creating a divergence between price and demand indicators. Source: PANews.
If subsequent trading and spot absorption can’t keep up, this upward move is more likely to be understood as chasing price with capital and support from ETF inflows, and the risk of a pullback at high levels will be amplified. If ETF funds continue to pass the baton, the market may also remain in a strong but choppy consolidation. Which path are you more focused on: “demand recovery” or “prices continuing to surge”?
Figure 1: BTC demand weakens but price rises against the trend · Source: partial screenshot from the page
Image source: https://www.panewslab.com/zh/articles/01a0e672-363b-7636-9b2b-c6b63a71663b
CryptoQuant analyst Darkfost noted that BTC’s 30-day cumulative total demand has fallen to -171,000 BTC. Meanwhile, futures demand dropped sharply from 164,000 BTC to just 3,000 BTC, and spot demand remains in a negative range of -174,000 BTC. At the same time, over the past 15 days, the BTC price still rose from $74,000 to $84,000, creating a divergence between price and demand indicators. Source: PANews.
If subsequent trading and spot absorption can’t keep up, this upward move is more likely to be understood as chasing price with capital and support from ETF inflows, and the risk of a pullback at high levels will be amplified. If ETF funds continue to pass the baton, the market may also remain in a strong but choppy consolidation. Which path are you more focused on: “demand recovery” or “prices continuing to surge”?
Figure 1: BTC demand weakens but price rises against the trend · Source: partial screenshot from the page
Image source: https://www.panewslab.com/zh/articles/01a0e672-363b-7636-9b2b-c6b63a71663b
