Bitcoin Exchange Reserves Rise as 30-Day Spot Demand Turns Negative

Bitcoin’s recovery is losing support from direct market buying as 30-day spot demand turns negative again, even as exchange reserves climb and perpetual futures demand stays positive. Exchange reserves, or BTC held on trading platforms, increased from roughly 2.67 million BTC in early October to about 2.68 million. The total remains below its January level. Rising reserves alone do not establish that holders are selling; transfers may reflect custody changes. The 30-day spot-demand measure approached zero before slipping back below it. Spot demand tracks direct purchases, while perpetual futures are derivatives, so positive activity in those contracts does not indicate equally strong buying in the spot market. Activity also differed among holder groups.

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