Bitcoin demand rises to 170,000 BTC in 30 days

Demand for Bitcoin is rising on two fronts at once. Both spot demand and demand from the perpetual futures market are increasing, and total net demand over the past thirty days stands at approximately 170,000 BTC. Analyst Darkfost states that this kind of combined growth historically coincides with the strongest upward movements in the Bitcoin market.

Bitcoin is available at OKX and Bybit.

In brief:

• Combined spot and futures demand for Bitcoin amounts to approximately 170,000 BTC over 30 days.
• According to analyst Darkfost, demand is currently absorbing short-term profit-taking.
• Historically, such periods of combined growth are accompanied by strong price increases.

Spot and futures move up simultaneously

Data from CryptoQuant shows that both the spot market and the perpetual futures market are currently showing positive demand growth. This is visible in the green zone in the chart, which indicates that both segments are growing at the same time. Total demand over the past month thus comes to approximately 170,000 BTC.

Analyst Darkfost notes that the market is in what is known as an impulsive phase, in which sustained demand absorbs profit-taking by short-term investors. As long as that demand continues, he expects the upward movement to persist, even if the market becomes technically oversold.

Market timing risky in this phase

Darkfost warns that short-term levels have already stretched considerably. Nevertheless, he advises against trying to predict the turning point based on that. Historically, phases of combined growth in spot and futures last longer than expected and are responsible for the strongest price increases.

At the time of writing, Bitcoin stands at $80.200, up 4.3% in the past 24 hours. Whether current demand persists and supports further price gains depends, according to the analyst, on the extent to which new inflows continue to absorb profit-taking.