CryptoQuant's 30-day apparent demand indicator has fallen to minus 147,000 BTC, its weakest level since December 2025, signaling that buyers are not absorbing available supply. Despite Bitcoin recovering from April lows near $65,000 to the mid-$70,000s, the rally lacks spot demand support. The Coinbase Premium has remained negative since late April, indicating U.S. spot buyers are less aggressive than offshore traders. The price bounce has been largely led by futures market buyers, making the rally more vulnerable to quick unwinding. Analysts warn that without fresh spot buying, the $70,000 area (short-term trader realized price) remains a key level to watch. Weak demand can persist for days or weeks, but it makes the market dependent on new capital inflows.

Key facts

• CryptoQuant's 30-day apparent demand drops to -147,000 BTC, weakest since Dec 2025.
• Bitcoin rebound lacks spot demand; Coinbase Premium negative since late April.
• Futures-led rally makes market vulnerable to quick reversals and liquidations.
• $70,000 area is key support level as short-term trader realized price.
• Without fresh spot buying, uptrend remains fragile and dependent on new capital.

KeyAudit data perspective