The Bitcoin market has seen a notable rebound in demand over the past week, driven largely by futures traders. According to data from CryptoQuant, the 30-day cumulative demand for Bitcoin surged massively, increasing from around -500,000 BTC to about -75,000 BTC within seven days. This marks one of the strongest recoveries seen this year.
The rapid surge in demand has been attributed to the futures market, which has experienced a shift in sentiment. Demand from futures traders has surged from about -295,000 BTC to slightly above neutral, indicating increased buying pressure.
However, analysts are concerned that the rally may not be sustainable enough to push Bitcoin back to reclaiming a major level. Spot demand remains relatively weak at around -78,000 BTC, suggesting that long-term investors and institutions are still exercising caution.