Bitcoin Spot Market Sees Return of Aggressive Buying, Signaling Renewed Whale and Institutional Demand

Bitcoin's spot market is again showing signs of market-order buying dominance, pointing to a shift in supply and demand dynamics, according to an analysis.

On May 10, CryptoQuant contributor Rei Researcher wrote that Bitcoin's 90-day spot taker CVD, or cumulative volume delta, had moved out of neutral territory and entered an uptrend. The shift suggests buyers are no longer waiting with limit orders and are instead stepping in aggressively with market orders.

In the spot market, dominance in market-order buying signals more than speculative trading. It points to strengthening demand from major participants seeking to secure the asset itself, with accumulation by whales and institutional investors starting to reemerge.

The change in buying structure is notable even after Bitcoin underwent a correction from its peak and market sentiment weakened. A higher share of market-order buying reflects a willingness to pay more to secure the asset and is typically seen in the early stages of an uptrend.

He also assessed the global liquidity backdrop as a supportive factor. Expectations for easier monetary conditions and stability in foreign-exchange markets are helping reinforce Bitcoin's status as a key growth asset.

"Real demand has started to drive the market," Rei Researcher wrote. "If this structure holds, it is more likely to lead to a more sustainable advance."