Bitcoin: Demand Falls to -348,000 BTC, Spot Demand Rises by 29,500 BTC

The 30-day estimate of total Bitcoin demand on November 10, 2026, has fallen to -348,000 BTC, the lowest level in a month. Spot demand increased by 29,500 BTC over three days, while demand for perpetual futures decreased by 63,500 BTC. Both metrics remain below zero, leading to a further decline in total demand despite improvements in the spot market. Analyst Willy Woo noted that the divergence between the spot and futures markets is crucial for shaping Bitcoin's trading range. He expects spot demand to continue moving towards zero, while the negative dynamics in the perpetual contracts market will slow down. Woo also believes that fear at the early stage of a bull market can create opportunities for investors.

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