Bitcoin spot demand plunges to -170,000 BTC, market hinges on derivatives

CryptoQuant data shows Bitcoin’s 30‑day spot demand fell to –170,000 BTC, reversing a July recovery that had brought the figure to –80,000 BTC. The price remains around $64,000 largely because short positions in the derivatives market are being covered, providing temporary support.

Santiment’s metrics indicate that the 30‑day MVRV ratios for Bitcoin, Ethereum, Cardano, Ripple and Chainlink have moved into positive territory, meaning investors are now in profit. This raises the risk of profit‑taking pressure on prices, especially if market momentum cools.

Analysts warn that without sustained organic spot buying, the market’s reliance on derivative flows leaves it vulnerable to a rapid price decline if large‑scale selling occurs.