Bitcoin Spot, Futures Demand Rise Together as 30-Day Demand Reaches 170,000 BTC
Summary
- Over the past 30 days, total Bitcoin demand has climbed to about 170,000 BTC, with spot and futures demand rising together.
- The market is sustaining its upward trend on strong demand that is absorbing profit-taking supply.
- The strongest rallies in the past also came when spot and futures demand increased at the same time, and if current demand holds, the uptrend could continue even in overbought territory.
Forecast Trend Report by Period
Demand in Bitcoin's spot and futures markets is rising at the same time, supporting the cryptocurrency's recent gains, according to an analysis.
Darkfost, a cryptocurrency analyst, wrote in a post on X on August 25 that total Bitcoin demand had increased over the past 30 days to about 170,000 BTC. Spot and futures demand are both rising, he wrote.
While short-term price gains are accelerating, investors should watch demand trends rather than try to predict a market top and trade around it, according to the analysis. The market is maintaining its upward trajectory on strong demand that is absorbing profit-taking supply.
The strongest rallies in the past also came during periods when spot and futures demand increased at the same time, Darkfost wrote.
If current demand holds and continues to absorb short-term profit-taking, the uptrend could continue even if the market enters overbought territory, he added.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.