Bitcoin traded between $65,300 and $66,360 over the past 24 hours, closing near $66,101 on July 22 before slipping to around $65,568 in partial trading on July 23, a decline of about 0.61% on the day.
Cryptoquant founder Ki Young Ju flagged a widening gap between spot and futures demand, saying 'bitcoin spot demand is weakening' and that 'futures demand remains net positive, but is significantly lower than during the rebound three months ago.'
The Cryptoquant chart shared by Ki Young Ju showed 30-day cumulative demand growth in bitcoin terms, with futures positioning far below the levels seen during the March through May rebound, when futures demand peaked near 250,000 BTC on a 30-day basis.
Spot demand has stayed mostly negative or flat since June, even as Bitcoin bounced off its early July lows.
The market capitalization of Bitcoin sat near $1.31 trillion to $1.32 trillion on a circulating supply of about 20.06 million coins.