Bitcoin Spot Demand Contracts at Fastest Pace Since January 10

Bitcoin's spot market demand has been under scrutiny, with research suggesting a concerning trend. According to CryptoQuant head of research Julio Moreno, the demand for Bitcoin has contracted at its fastest pace since January 10. This contraction in apparent demand may be indicative of a rally driven by leverage rather than genuine buying interest.

The concept of 'apparent demand' measures the net change in Bitcoin being accumulated versus sold on spot markets. A negative reading indicates that more Bitcoin is being offloaded than absorbed by new buyers, which has been the case since late November 2025. The latest data shows a significant acceleration in this decline, mirroring the January 10 moment of demand weakness that preceded choppy price action.

The recent price rally, which saw Bitcoin surge from approximately $66,000 to $79,000, was largely driven by perpetual futures trading rather than spot buyers accumulating Bitcoin directly. The high levels of total open interest, reaching $29 billion as of early May, and the significant profit-taking data also support this picture.

The Coinbase Bitcoin Premium turning negative in late April 2026 is another signal worth watching. This metric compares Bitcoin's price on Coinbase (a proxy for US investor activity) against other global exchanges, and a negative reading suggests American buyers are pulling back relative to the rest of the world.