Bitcoin Rising but Direct Purchase Demand Remains Weak: Is the Rally Sustainable?

Bitcoin’s rise may be driven by the support of derivative transactions as spot demand remains weak.

The recent recovery in the Bitcoin price is not receiving strong support from direct market purchases. CryptoQuant reported that the current structure resembles a period led by derivative transactions, making the rally appear less convincing than some past surges.

CryptoQuant’s 30-day total data shows that futures demand remains positive. In contrast, spot demand is trending negative. Total demand, which tracks both spot and futures data, also maintains a weak outlook. This divergence indicates that while Bitcoin’s price is rising, direct buying pressure has not increased to the same extent.

Spot Demand Support Remains Weak in Bitcoin Rally

The platform stated that the current outlook bears similarities to the structure seen in January-February 2026. In March 2026, a contraction in demand was also observed following a futures-supported rise. This historical similarity suggests that the current price action may be relying more on derivative transactions than direct Bitcoin purchases.

Unless spot demand strengthens permanently, the foundation of the rise remains limited. CryptoQuant noted that in this environment, priority should be given to risk management before expecting a long-term rally.