Bitcoin’s spot-demand signal is improving. A bigger futures slump is drowning it out
Bitcoin’s recovery near $73,000 looks fragile as improving spot demand is outweighed by weakening perpetual-futures demand. CryptoQuant’s combined 30-day demand estimate fell to a monthly low of negative 348,000 BTC on November 10; both components remained negative. Other signals were mixed: exchange flows preliminarily turned to small net outflows after inflows, funding rates eased while open interest rose slightly, and US spot Bitcoin ETFs recorded $300 million in outflows on November 11. The report cautions that these indicators are proxies and single-day shifts are not conclusive. Investors were watching Friday’s US producer-inflation data for clues about financing conditions and risk appetite; sustained improvement in spot demand and easing futures weakness would be needed to support stabilization.
