Analyst: Bitcoin Spot and Futures Demand Remains Weak, Market Stabilization May Be More Due to Selling Pressure Exhaustion

According to TechFlow, on July 27, CryptoQuant analyst Darkfost stated that since the beginning of the year, the overall demand structure of Bitcoin has been weak, mainly presenting two states: first, simultaneous contraction of spot and futures demand; second, a brief rebound in futures demand driven solely by speculation, while spot demand continues to shrink.

He pointed out that this persistent state is quite similar to the previous bear market phase. To initiate a sustainable upward trend, spot and futures demand need to form synergistic resonance. Currently, the combined demand for Bitcoin spot and futures is approximately -127,000 BTC, and the demand level is still insufficient to support the start of a new trend.

Darkfost believes that current market stability is more likely due to the weakening of selling pressure, rather than a significant recovery in real demand. If panic volatility accompanied by transactions with extremely low demand does not occur subsequently, the current adjustment phase may continue, and attention should be focused on the price range where Bitcoin has been consolidating for several months.