Leverage Carried the Price But Couldn’t Hold It: Spot Demand Joins Bitcoin for the First Time in Months

CryptoQuant data shows that 30-day total demand growth for Bitcoin spot and perpetual futures has turned positive simultaneously for the first time in months, while also bringing a warning that the signal is still fragile.

This data makes it possible to monitor whether the price movement in Bitcoin is supported only by leveraged transactions in the futures market or by direct purchases. Spot market demand refers to the segment where Bitcoin is directly bought and sold; perpetual futures demand refers to the interest directed towards futures contracts without an expiry date. According to CryptoQuant, the fact that both indicators have risen above zero at the same time makes this reading noteworthy for the first time in months.

Throughout April and May, futures demand remained strongly positive while spot demand stayed in negative territory. During this period, the Bitcoin price rose from approximately $70,000 to $82,000. However, in June, futures demand fell to the deepest negative level on the chart, while the price gave back all the gains made. This picture highlights the framework: “Leverage carries the price but cannot hold it; this time spot is also joining.”

Spot demand supports the Bitcoin rally

The fact that the spot side has also joined the demand growth in the new reading indicates that the movement is not fueled solely by leverage. In CryptoQuant’s series, the purple bars showing futures and the gray bars showing the spot market approach the zero line together in the final section, revealing that both demand channels turned positive at the same time.

Nevertheless, this outlook does not constitute the declaration of a strong floor. Since the two series have not moved far from the zero line, the signal remains shallow, and the newly turned total can move back into the negative within a week. CryptoQuant is waiting for spot demand to stay above zero during a period when the price does not follow a distinct direction for confirmation.