Weak bitcoin demand and insufficient spot buying lead to market fragility
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CryptoQuant's 30-day apparent demand indicator is negative, showing that buyers are failing to absorb existing supply, leaving the market vulnerable. Since February, Bitcoin has rebounded to the $75,000 range, but on-chain data shows that apparent demand has fallen to its lowest level since December 2025, with market selling volume exceeding buy absorption. This round of price increase has relied more on futures rather than spot buying, and the persistent negative Premium on a certain exchange suggests that leveraged positions may be quickly liquidated. Without new spot demand, $70,000—the actual price range for short-term traders—could become the key point where recent buyers' unrealized gains disappear, reducing the motivation to take profits.
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