Analysts at the authoritative crypto analytics platform CryptoQuant have recorded one of the most rapid recoveries in demand for the leading cryptocurrency this year. According to the latest data, the aggregate 30-day Bitcoin demand metric has significantly improved over just a single week, shrinking its negative value from a steep minus 500,000 BTC to a much more optimistic minus 75,000 BTC. Experts emphasize that the primary driver of this positive shift has been the futures market, where demand has not only offset the decline but also transitioned into slightly positive territory. However, the spot segment continues to show weakness, remaining in negative territory at around 78,000 BTC, which indicates the ongoing caution of actual physical buyers.

Meanwhile, specialists from Glassnode urge caution against rushing to conclusions about the definitive end of the bear phase, pointing out that the market has not yet received enough reliable signals to confirm a reversal. In their assessment, the current situation closely resembles the late stages of a downward cycle, evidenced by the ongoing capitulation of long-term holders and the continuous redistribution of supply. Although outflows from spot Bitcoin ETFs have slowed down considerably compared to the peak values seen in June, they remain negative on a monthly basis. Furthermore, overall trading volumes remain critically low, trailing the figures from October of last year by a full eighty percent, which clearly signals weak activity among major institutional investors.

For the full-fledged formation of a reliable market bottom, a confluence of several crucial factors is required, including further reduction of selling pressure and the stabilization of institutional cash flows. Analysts note that an ideal scenario would be the stable consolidation of the key True Market Mean metric, which would allow for a constructive evaluation of the probability of a regime change. Currently, the derivatives market is dominated by highly cautious long positions, and elevated volatility continues to price in the risks of further declines. Earlier, representatives of the investment giant Grayscale also noted that Bitcoin sell-offs by major corporate players could paradoxically help the market form a more stable and reliable price base for future growth.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.