CryptoQuant: Bitcoin Spot Demand Weakens as Futures Support Rally

Ki Young Ju, founder of CryptoQuant, posted on Thursday that “bitcoin spot demand is weakening” and that “futures demand remains net positive, but is significantly lower than during the rebound three months ago.” CryptoQuant’s 30-day cumulative demand chart shows futures positioning well below the levels seen in the March–May rally, when 30-day futures demand peaked near 250,000 BTC. The chart also shows spot demand has been mostly flat or negative since June.

Market data for the 24 hours to the morning of July 23, 2026, showed bitcoin trading between about $65,300 and $66,360. The token closed near $66,101 on July 22 and was around $65,568 on July 23, a decline of roughly 0.61% for the day. Earlier in July the price recovered more than 13% from a low near $57,750.

Spot trading volumes across major platforms ran roughly between $21 billion and $24 billion over 24 hours, down from about $28.1 billion the previous day. Derivatives activity totaled about $147 billion, with open interest near $111 billion. Bitcoin’s market capitalization was near $1.31 trillion to $1.32 trillion on a circulating supply of about 20.06 million coins.

Exchange-traded funds continued to receive inflows during the price pause. Net inflows totaled about $203 million on July 21, led by BlackRock’s IBIT at roughly $164 million, followed by approximately $69 million on July 22. On-chain metrics showed long-term holder supply reached a fresh all-time high. Market commentary noted Tesla left its bitcoin holdings unchanged.

Reports of attacks on oil tankers in the Red Sea linked to Iran-backed groups pushed West Texas Intermediate crude up nearly 5% toward $91 a barrel. The U.S. 10-year Treasury yield rose to about 4.70% ahead of the Federal Reserve meeting on July 28–29. Nasdaq 100 futures were down roughly 0.75% in one snapshot.

Traders identified resistance in the $66,500 to $66,800 range and a short-term floor at $65,300 to $65,400. Some participants indicated a close above $66,800 to $67,000 could allow further gains, while a break below $65,000 and then $64,000 could prompt deeper profit taking.

Derivatives positioning appeared slightly bullish heading into the weekend, with open interest steady and long-short ratios close to even. Community polls on major platforms showed roughly 77% to 80% of respondents predicting higher prices.

Market participants are watching whether spot buyers return to support the rally or whether futures-driven, leveraged positioning continues to influence price. Separately, BitMEX is scheduled to shut down completely on September 23, 2026, at 04:00 UTC.