The underlying Bitcoin demand is showing weakness despite its recent price recovery. The latest data from CryptoQuant shows slowing growth across both spot and perpetual futures markets. Bitcoin ($BTC) rebounded above $87,000 after falling toward the $58,000–$60,000 area during the summer correction. However, the improvement in price has not been accompanied by a comparable recovery in the demand indicator.

Futures Demand Growth Shows Signs of Weakening

The 30-day cumulative demand growth metric currently places the market in a “spot contracting” phase. CryptoQuant’s chart represents this phase in blue and shows that it has persisted through much of Bitcoin’s recent recovery. The blue area on the latest portion of the chart has narrowed, indicating that futures-related demand growth is also losing strength. At the same time, the dashed total-demand line remains below the zero axis. This suggests that aggregate demand growth is yet to return to positive territory.

If futures demand continues to weaken, the indicator could move into a red phase soon. Red zone will represent contraction in both the spot and futures demand. Such a shift would indicate that the market is experiencing weaker demand across both segments.

Additionally, the current reading contrasts with earlier phases of 2026. The chart previously showed periods in which both spot and futures demand expanded. However, the current is not ideal for investors. This means we can expect a price correction in near term.

Market Participants Watch for Bitcoin Demand Stabilization

The divergence between Bitcoin’s price recovery and its underlying demand growth remain a key point for traders. A significant improvement in spot demand is needed to provide stronger confirmation that the recent price recovery is supported by genuine buying activity.

Sometimes, weekend trading conditions also affect short-term readings. The overall cryptocurrency market activity and liquidity can vary during periods of lower participation. Due to this, market participants are now watching whether futures demand stabilizes and whether spot demand begins to recover after the weekend. CryptoQuant’s data can also change as market conditions keep changing. It makes it crucial to check the latest data and make decisions accordingly.