Bitcoin briefly climbed above $81,000 on November 4 before retreating to around $75,000. CryptoQuant attributed the inability to maintain those gains partly to insufficient spot buying pressure, despite a wave of short-position liquidations during the rally.
Bitcoin Rally Faces Weak Spot Market Demand
Approximately $290 million in short positions were liquidated during Bitcoin’s recent advance. However, forced liquidations can generate temporary buying pressure without necessarily indicating that new investors are entering the market in significant numbers.
Spot market figures also point to limited buying activity. The 30-day average net spot volume delta stood at approximately minus $28 million on Binance and minus $9.4 million on Coinbase.
Another potential source of selling pressure emerged on November 6, when short-term Bitcoin holders transferred approximately 32,695 BTC to cryptocurrency exchanges while holding their positions at a loss. These transfers do not confirm that the Bitcoin was sold, but they indicate the possibility of additional supply reaching the market.
Bitcoin ETF Outflows Add to Institutional Demand Concerns
CryptoQuant also highlighted weakening demand from institutional investors based in the United States. Data from Farside Investors showed that U.S. spot Bitcoin ETFs recorded net outflows of $411.9 million on November 6.
BlackRock’s IBIT fund accounted for approximately $403 million of those withdrawals, representing the largest portion of the reported daily outflow.
Liquidity conditions have also weakened. Stablecoin supply contracted by approximately 4.9% over the previous 30 days, suggesting that the amount of capital potentially available to enter the cryptocurrency market has declined.
Two Indicators Offer Clues About Bitcoin Demand
CryptoQuant identified Apparent Demand Growth as one of the key metrics to monitor. The indicator estimates how much Bitcoin the market is absorbing by accounting for changes in newly issued supply and previously released coins.
Its one-year readings have shown weakness, while the 30-day measurements have remained in negative territory. According to the analysis, this combination suggests that recent price recoveries have not been accompanied by a sustained increase in Bitcoin demand.
The second metric is the Coinbase Premium Index, which measures the price difference between Bitcoin traded on Coinbase and Binance. It is commonly used to assess relative buying interest, particularly among investors in the United States.
The index frequently remained positive during Bitcoin’s 2025 bull market but spent much of 2026 in negative territory. It also stayed predominantly negative during Bitcoin’s recoveries in August and September, indicating that U.S.-based spot buying pressure had not strengthened sufficiently.
What Bitcoin Needs for a Sustainable Recovery
CryptoQuant noted that some large wallets may be accumulating Bitcoin. However, movements involving large wallets or transfers to exchanges do not, by themselves, establish that new purchases are taking place.
The analysis also cautioned that short liquidations alone are insufficient to support a lasting upward trend. A more convincing recovery would require several demand indicators to improve together.
Those conditions include a return to positive 30-day Apparent Demand Growth, a sustained move by the Coinbase Premium Index into positive territory, and renewed net inflows into spot Bitcoin ETFs.
Until those signals strengthen, Bitcoin’s recent rebounds may continue to face resistance from weak spot demand and limited institutional buying support.
source: en,bitcoinsistemi
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
