Bitcoin Demand Weakens Despite Recent Price Recovery

The recent price recovery of Bitcoin ($BTC) above $87,000 has not been accompanied by a comparable increase in underlying demand. According to CryptoQuant's data, both spot and perpetual futures markets are showing slowing growth.

The 30-day cumulative demand growth metric is currently in a 'spot contracting' phase, represented by the blue area on CryptoQuant's chart. This phase has persisted through much of Bitcoin's recent recovery, with the blue area narrowing to indicate weakening futures-related demand growth.

Additionally, the current reading contrasts with earlier phases of 2026, which showed periods of both spot and futures demand expansion. However, this is not ideal for investors, who can expect a price correction in the near term.

Market participants are now watching whether futures demand stabilizes and whether spot demand begins to recover after the weekend, as CryptoQuant's data can change as market conditions continue to evolve.