BTC Spot Demand Turns Positive for First Time Since February
BTC spot demand turned positive for the first time since February, according to recent data. This shift is significant, as it indicates that investors are once again absorbing new supply into the market.
The price of BTC climbed above $77,000 last week, its highest level in three months, after closing the prior week near $63,000. U.S. spot BTC ETFs recorded $1.9 billion in net inflows, reversing the prior week's $385 million in outflows.
The increase in spot demand and price is also reflected in onchain metrics, which show that 30-day apparent-demand, an estimate of net spot demand relative to newly created BTC supply, recovered sharply from deeply negative levels to move back above zero for the first time since February. This could indicate a shift towards accumulation.