Bitcoin Demand Rebounds 425k as Futures Market Turns Positive

Bitcoin demand has staged a significant recovery in recent days, driven mainly by derivatives markets. According to CryptoQuant author IT Tech, Bitcoin's 30-day cumulative demand improved by nearly 425,000 BTC over the past week, recovering from nearly -500,000 BTC to around -75,000 BTC.

The rebound comes as Bitcoin climbs from last week's bear-market low of $57,700 to around $64,000. Historical July seasonality also points to the potential for further gains, with IT Tech noting that 'historically, the strongest and most sustainable rallies begin when both futures and spot demand move higher together.'

While the gap between futures and spot demand shows market conditions are improving, the recovery is still incomplete. Spot demand remains weak at about -78,000 BTC, suggesting long-term buyers have yet to return despite Bitcoin's price recovery.