Analysts at CryptoQuant report that total Bitcoin demand has returned to positive territory, exceeding 14 000 BTC, despite a recent price decline. Spot market demand has shown notable improvement, rising to -17 000 BTC from a low of -207 000 BTC on September 20. Meanwhile, futures market demand remains stable, averaging 32 000 BTC.
Market experts point to a divergence in sentiment. While some analysts view the combination of falling prices and rising demand as a positive configuration, others note that weak spot demand and a 10% decline in open interest—from $28,8 billion to $26 billion—suggest caution. The Coinbase Premium index has also largely remained below zero, indicating limited activity from US buyers.
Institutional holdings remain a key focus, with two major buyer groups holding 2,57 million BTC, representing nearly 13% of total supply. At a price of $83 200, these holdings show significant unrealized profits. Analysts identify the $77 000–79 000 range as a critical support level; if breached, these holdings could move into a loss position.
Data from bitview indicates that profit-taking has reached $4,65 billion, significantly outpacing capitulation at $1,35 billion. Analysts suggest that while the market has likely transitioned into an upward cycle, further price movement depends heavily on sustained demand and the behavior of investors who have held positions for nearly a year.
