CryptoQuant contributor Maartje diagnosed that signs of spot demand recovery are appearing in Bitcoin on-chain data. However, further confirmation is needed to determine if the current uptrend is supported by strong spot demand. As of the 30th, Apparent Demand Growth improved from approximately -182,000 BTC on September 24 to -101,000 BTC on October 1. This is an improvement of approximately 81,000 BTC in one week, and although still in negative territory, the rapid reduction in the rate of demand decline suggests that spot demand is recovering. On the other hand, the Coinbase Premium Index remains negative. This means that spot buying pressure from U.S. investors has not yet shown a clear recovery. Therefore, a notable point in the current uptrend is the divergence between Bitcoin's price and U.S. spot demand. The analysis suggests that even if Bitcoin rises further and breaks through previous highs, the sustainability of the uptrend could weaken if the Coinbase Premium and on-chain spot demand do not improve together.
