Rapid Recovery in Bitcoin Demand

In a remarkable turn of events, CryptoQuant has reported one of the sharpest rebounds in Bitcoin demand this year. This surge is primarily driven by traders in the futures market, even as spot demand continues to lag behind. According to Glassnode’s analysis, despite these promising signs, the market has not yet shown enough indicators to confirm the end of the bearish phase.

Futures Market Leads the Charge

Data from CryptoQuant reveals a significant recovery in Bitcoin’s 30-day cumulative demand. Just a week ago, it hovered around -500,000 BTC; however, it now stands at approximately -75,000 BTC. This improvement is largely attributed to a sudden increase in futures market demand. Previously negative at about -295,000 BTC, this metric has now edged into slightly positive territory.
Despite these gains in derivatives trading, spot market demand remains weak at roughly -78,000 BTC. Analysts from CryptoQuant have highlighted that this recent recovery is primarily supported by derivatives market participants. Meanwhile, buyers on the spot market continue to exercise caution.
“Historically,” emphasize analysts,“the strongest and most sustainable rallies occur when both futures and spot demands rise simultaneously.” While current conditions are improving noticeably, spot demand remains an essential missing piece.

The Market’s Uncertain Bottom Formation

Glassnode points out that a combination of on-chain, off-chain, and derivative indicators still align with a late-stage bear market scenario. On-chain metrics suggest an ongoing redistribution of supply and capitulation among long-term holders at approximately $280 million daily.
Furthermore, although outflows from spot ETFs have slowed since their June peaks, they persist month-over-month. Additionally, trading volumes remain about 80% below levels seen in October 2025—a sign Glassnode interprets as weak institutional investor activity.
Analysts also note cautious long positions prevailing within the derivatives markets. Yet volatility metrics still account for heightened risks of further declines.
“Conditions for bottom formation exist,” say experts,“but confirmation signals have yet to emerge.” The market requires further cooling off from capitulation pressure and stabilization of institutional flows before we can constructively assess regime change possibilities.”
As noted earlier by Grayscale analysts,“Selling Bitcoins by Strategy might aid the market in establishing a more resilient bottom.”
In essence: The crypto landscape is witnessing swift changes with Bitcoin demand rebounding sharply but incomplete without robust spot participation—reflecting broader economic shifts amidst ongoing bear cycles’ tail ends across interconnected financial frameworks globally today!