Key Takeaways – Bitcoin demand growth has returned to positive territory, with demand at roughly 25,000 BTC, resembling conditions before May’s move toward $82,000. – Derivatives are increasingly driving the recovery, while analysts warn that spot demand remains too weak to…
nfirm a sustainable rally. – Bitcoin longs have reached a record 361,000 BTC, worth about $23.4 billion, creating both upside momentum and growing liquidation risk. Bitcoin is beginning to recreate the market structure that preceded its May rally toward $82,000, but analysts warn that the latest setup is missing one crucial ingredient: strong spot demand
Bitcoin recently traded between $64,000 and $65,000 after recovering from its late-June lows, with the rebound bringing the sustainability of the latest advance into focus. Behind that recovery, however, the composition of demand is becoming increasingly important. CryptoQuant data shared by an analyst shows that Bitcoin’s 30-day demand growth has returned to positive territory, with demand at approximately 25,000 BTC.
The analyst said the emerging structure resembles the setup that helped BTC climb toward $82,000 in May, but described the current improvement in demand as modest. Derivatives Are Driving Bitcoin’s Recovery The concern is that much of the recent improvement appears to be coming from derivatives rather than simultaneous futures and spot buying. That distinction matters because futures allow traders to amplify exposure through leverage.