According to CryptoQuant, Bitcoin’s visible demand contracted by 284,000 BTC over the past 30 days, marking its sharpest decline since March 2025. Weak spot buying is making it harder to interpret this indicator as a bottom signal.
According to a November 10 CryptoQuant report cited by Wu Blockchain, the Coinbase Premium Index also remained negative for 30 consecutive days. The index shows whether Bitcoin is trading at a premium or discount on Coinbase compared with other markets. CryptoQuant says the negative trend indicates that spot buying demand in the U.S. remains weak.
What is weakening the Bitcoin bottom signal?
Similar contractions in demand have coincided with short-term bottoms in the past. However, CryptoQuant also sees the lack of a recovery in spot buying, along with USDT’s market capitalization falling by $6.6 billion in 60 days, as reasons to be cautious this time. According to the analytics firm, weak spot demand and shrinking stablecoin liquidity keep the risk of a deeper decline in Bitcoin alive.
Not investment advice.