The 30-day estimate of aggregate Bitcoin demand fell to -348,000 BTC on November 10, 2026, reaching its weakest level in a month. This was reported by a CryptoQuant analyst, who compared demand dynamics in the spot and futures markets.
Bitcoin demand. Data: CryptoQuant.
According to his observations, since November 7, spot demand had been improving daily. Over three days, the corresponding indicator rose by approximately 29,500 BTC. At the same time, the demand estimate for perpetual futures declined by approximately 63,500 BTC — more than twice as strongly.
Both indicators remained below zero. Because of this, the aggregate demand estimate continued to decline, despite the improvement in the spot market situation.
According to the analyst, such a divergence between the spot and futures markets is important when forming bitcoin's trading range. Further growth in spot demand, especially during a retest of local lows, may indicate an improvement in the market situation.
However, to stabilize the aggregate indicator, pressure from perpetual futures must ease. The expert expects spot demand to continue moving toward zero, while the negative dynamics in the perpetual contracts market will slow down.
He also drew attention to a feature of the 30-day assessment: each day a new indicator is added to the calculation, and the oldest value is removed. Therefore, to assess the trend, it is important to monitor 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 stated that fear at the early stage of a bull market can be an opportunity for investors.
According to him, during bear markets, fear usually accompanied the updating of price lows. Instead, according to Wu, bitcoin is now far from such a scenario.
Recall that earlier, experts announced the capitulation of retail and the accumulation of whales.