Bitcoin Spot Demand Weakens to -170K BTC Since Early July, CryptoQuant Warns of Market Fragility

According to CryptoQuant analyst ScenarioX, Bitcoin's 30-day spot demand deteriorated to approximately -170K BTC as of July 20, down sharply from a brief recovery to -80K BTC in early July. The metric indicates persistent selling pressure despite recent price stability supported by short-term relief in sell pressure and derivative market short covering.

ScenarioX noted that current derivative demand alone is insufficient to sustain an uptrend, leaving overall market structure vulnerable. Further spot selling could trigger a sharp decline, while sustained weak spot demand may allow derivative-driven technical rebounds to continue, though such rallies lack fundamental spot demand support.