Bitcoin’s spot-demand signal is improving. A bigger futures slump is drowning it out

Bitcoin’s improving spot-demand signal is losing ground to a sharper deterioration in perpetual futures. With the price near $73,000, that split leaves its attempted recovery vulnerable ahead of Friday’s US producer-inflation release. Bitcoin traded around $73,478 at about 10:40 UTC on November 12. A Coinbase quote one minute earlier was about $73,469. In a November 11 CryptoQuant note , analyst RugaResearch put the combined 30-day spot-and-perpetual demand estimate at negative 348,000 BTC on November 10, its weakest reading that month. From November 7 to November 10, the spot proxy improved by approximately 29,500 BTC. The perpetual-futures estimate deteriorated by about 63,500 BTC over the same period. Both components remained below zero, leaving the improvement short of positive readings. This is an analyst’s proxy, not a purchase count.

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