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.

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