CryptoQuant Recorded a Drop in Aggregate Demand for Bitcoin to a One-Month Low

The 30-day estimate of aggregate bitcoin demand fell to -348,000 BTC on November 10, 2026, marking its weakest reading in a month. This was reported by a CryptoQuant analyst, who compared demand dynamics in the spot and futures markets.

According to his observations, spot demand has been improving every day since November 7. Over three days, the indicator rose by about 29,500 BTC. At the same time, the estimate of demand for perpetual futures fell by about 63,500 BTC — more than twice as much.

Both indicators remained below zero. As a result, the aggregate demand estimate continued to decline, despite the improvement in the spot market.

In the analyst’s view, this divergence between the spot and futures markets is important during the formation of bitcoin’s trading range. Further growth in spot demand, especially during a retest of local lows, could indicate improving market conditions.

However, for the aggregate indicator to stabilize, pressure from perpetual futures needs to ease. The expert expects spot demand to continue moving toward the zero level, while the negative momentum in the perpetual contracts market slows.

He also pointed out a feature of the 30-day estimate: each day, a new data point is added to the calculation, while the oldest value is removed. Therefore, to assess the trend, it is important to track the dynamics over several trading sessions.

Willy Woo called fear at the start of a bull market a gift

At the same time, analyst Willy Woo said that fear in the early stage of a bull market can be an opportunity for investors.

According to him, during bear markets, fear usually accompanied fresh price lows. By contrast, Wu believes bitcoin is currently far from such a scenario.

Previously, experts said retail investors were capitulating, while whales were accumulating.