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2 hours ago
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Bitcoin Spot Demand Turns Positive After Over a Month: CryptoQuant

Key Insights on Bitcoin's Market Dynamics:

  • The "Apparent Demand" metric for Bitcoin has shown growth for the first time in over a month, indicating an increase in spot demand.
  • This metric is calculated by the difference between BTC's production and changes in its inventory, with recent data showing a positive shift.
  • Despite this increase in spot demand, the perpetual futures market remains subdued. Futures Open Interest has stayed low since a significant plunge in October, reflecting limited speculative activity.
  • The US Bitcoin spot ETFs have experienced net outflows since early October, suggesting a de-risking trend among ETF investors.
  • Bitcoin's price has decreased to $103,200 after its latest recovery phase.

Bitcoin Apparent Demand

These observations highlight mixed signals in the Bitcoin market, with growing spot demand but continued caution in futures and ETF investments.