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CryptoQuant data shows Bitcoin's ($BTC) 30-day demand growth has returned to positive territory at approximately 25,000 BTC, a reading analysts say mirrors the structure that preceded May's advance toward $82,000.
Bitcoin recently traded between $64,000 and $65,000 after recovering from late-June lows. The composition of demand behind that rebound is now the story.
Derivatives are driving the recovery, not spot buyers A CryptoQuant analyst who shared the demand data described the improvement as modest.
The concern is sourcing: the gain is coming primarily from derivatives rather than simultaneous futures and spot buying.
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