The 30-day estimate of aggregate bitcoin demand fell to -348,000 BTC on Nov. 10, 2026, a CryptoQuant analyst said, marking its weakest reading in a month. The decline showed that weakness in estimated demand for perpetual futures more than offset an improvement in the spot market.

According to the analyst, spot demand improved each day from Nov. 7 and rose by about 29,500 BTC over three days. Over the same period, estimated demand for perpetual futures fell by about 63,500 BTC, more than twice the increase in spot demand.

Both indicators remained below zero. As a result, the aggregate demand estimate continued to decline despite the improvement in spot demand, according to the analyst’s comparison of the two markets. CryptoQuant published a chart of bitcoin demand.

The analyst said the divergence between spot and futures demand was important as bitcoin formed a trading range. Further growth in spot demand, particularly during a retest of local lows, could indicate improving market conditions.

For the aggregate indicator to stabilize, however, pressure from perpetual futures would need to ease, the analyst said. The analyst expected spot demand to continue moving toward zero while negative momentum in the perpetual-contracts market slowed.

The analyst also noted that the 30-day estimate changes as each new daily data point enters the calculation and the oldest one drops out. Assessing the trend therefore requires tracking the measure over several trading sessions.

Willy Woo sees opportunity in early bull-market fear

Separately, analyst Willy Woo said fear during the early stage of a bull market can create opportunities for investors.

Woo said fear during bear markets typically accompanied fresh price lows. He believes bitcoin is currently far from such a scenario.

Other experts previously said retail investors were capitulating while whales were accumulating.

Source: Incrypted