Bitcoin Demand Surges, But Can Spot Buying Keep Momentum
The demand for Bitcoin has seen a significant increase in the past few weeks, according to data from CryptoQuant. After plummeting to deeply negative levels around June, the 30-day demand for BTC is now turning positive near 25,000 units.
This trend indicates that capital is returning to the market, although demand still hasn't reached the levels seen during previous recovery periods. The current uptrend in demand is largely driven by derivatives, with traders rebuilding leveraged exposure and responding to improving prices.
However, this growth may not be sustainable if spot buying doesn't expand alongside futures activity. Previous rallies became more effective when both spot and futures saw increased demand, allowing for sustained price growth.