Bitcoin’s spot-demand signal is improving. A bigger futures slump is drowning it out
Both demand components remain negative, leaving Bitcoin’s tentative stabilization dependent on persistent spot improvement and easing futures weakness. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Bitcoin’s improving spot-demand signal is losing ground to a sharper deterioration in perpetual futures. With the price near $73,000, that split leaves its attempted recovery vulnerable ahead of Friday’s US producer-inflation release.
Bitcoin traded around $73,478 at about 10:40 UTC on November 12. A Coinbase quote one minute earlier was about $73,469.
In a November 11 CryptoQuant note, analyst RugaResearch put the combined 30-day spot-and-perpetual demand estimate at negative 348,000 BTC on November 10, its weakest reading that month.
From November 7 to November 10, the spot proxy improved by approximately 29,500 BTC. The perpetual-futures estimate deteriorated by about 63,500 BTC over the same period. Both components remained below zero, leaving the improvement short of positive readings.
This is an analyst’s proxy, not a purchase count. Its public description omits the formula, exchange coverage and absolute component levels.