Weak Spot Demand Casts Shadow Over Bitcoin Rally

Bitcoin's recent price surge may be driven by derivative transactions rather than strong direct market purchases. According to CryptoQuant, spot demand remains weak despite the rising price of Bitcoin.

The platform notes that the current structure bears similarities to a period in January-February 2026, where futures-supported rises were followed by contractions in demand. In this case, total demand - which tracks both spot and futures data - is trending negative.

CryptoQuant's analysis suggests that unless spot demand strengthens permanently, the foundation of Bitcoin's rise remains limited. As a result, risk management should be prioritized before expecting a long-term rally.