After weeks of subdued activity, Bitcoin (BTC) is showing early signs of renewed interest from spot investors. According to Julio Moreno, Head of Research at CryptoQuant, the Apparent Demand for Bitcoin has flipped positive for the first time since early October, signaling that spot buying pressure may finally be returning to the market.
The Apparent Demand metric measures the net change in Bitcoin’s circulation by comparing the asset’s daily production by miners and the variation in long-term inactive supply (coins that have remained untouched for over a year). A positive reading on this indicator suggests that more Bitcoin is being accumulated than produced, indicating rising demand.
Bitcoin Apparent Demand Turns Positive After a Month of Weakness
Moreno’s analysis shows that the 30-day sum of Bitcoin’s Apparent Demand had been in negative territory throughout much of October, highlighting declining spot interest and a slowdown in accumulation activity.
However, the metric has recently surged back into positive territory. This rebound suggests that investors are once again accumulating Bitcoin on spot markets, possibly in anticipation of a market recovery or upcoming macroeconomic developments that could favor digital assets.
“Spot buying demand is growing again for the first time in over a month,” Moreno noted, marking a potential shift in market momentum.
Futures Activity Remains Muted as Market Sentiment Stays Cautious
While spot demand has picked up, activity in the Bitcoin perpetual futures market remains subdued. Data from Glassnode reveals that Futures Open Interest — which tracks the total value of open perpetual futures positions across centralized exchanges — has stayed at historically low levels since the October leverage flush, when a sharp BTC price drop triggered massive liquidations.
“Derivatives activity has slowed materially, mirroring the broader backdrop of subdued market sentiment,” Glassnode stated.
This muted activity indicates that traders remain cautious, with little speculative buildup occurring in leveraged markets despite spot accumulation returning.
US Bitcoin ETFs Still See Outflows Amid Broader Market De-Risking
Adding to the cautious sentiment, Glassnode data also shows that US Bitcoin spot ETFs have continued to experience consistent outflows since early October. The analytics firm described this as a sign of a “broader de-risking phase among ETF investors,” suggesting that institutional participants remain hesitant amid macroeconomic uncertainty and price volatility.
Despite these outflows, the resurgence in spot demand could indicate that retail and long-term holders are gradually re-entering the market while institutional appetite remains on hold.
Bitcoin Price Pulls Back Slightly Amid Renewed Accumulation Signs
At the time of writing, Bitcoin is trading near $103,200, slightly below recent recovery highs. While the renewed demand is encouraging, BTC still faces resistance levels that could test the sustainability of this uptick in accumulation.
Analysts note that if spot demand continues to strengthen, it could lay the foundation for a broader recovery phase in the coming weeks. However, the lack of speculative leverage suggests that any rally may develop more gradually than previous cycles.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
