Bitcoin Spot, Perpetual Futures Demand Converge on Upward Trajectory
CryptoQuant contributor RugaResearch recently observed that the 30-day cumulative demand growth rates for both Bitcoin spot and perpetual futures have turned positive simultaneously, marking a significant shift from previous rallies. This is the first time in months that both indicators have moved above zero at the same time.
The key difference this time is that spot demand is recovering alongside futures demand, unlike in April and May when perpetual futures demand turned strongly positive while spot demand remained negative. During that period, Bitcoin's price climbed from $70,000 to $82,000 before surrendering all its gains in June when futures demand swung sharply back into negative territory.
RugaResearch noted that the current recovery could be short-lived and that it is too early to call this a trend reversal. Both spot and perpetual futures demand growth rates are only slightly above zero, meaning the current recovery could reverse again in the near term.