Bitcoin Spot Demand Improves While Futures Slump

Bitcoin traded around $73,478 while showing an improving spot-demand signal, though this progress is currently losing ground to a sharper deterioration in perpetual futures. According to analyst RugaResearch, the combined 30-day spot-and-perpetual demand estimate reached negative 348,000 BTC on November 10, marking its weakest reading for the month. This analyst proxy highlights how bitcoin spot demand and broader market metrics interact during tentative stabilization periods.

Between November 7 and November 10, the spot proxy improved by approximately 29,500 BTC. However, the perpetual-futures estimate deteriorated by about 63,500 BTC over the same period, keeping both components below zero. Analysts note that spot moving toward zero, easing futures weakness, and a flattening total while prices hold their lows would help strengthen the current range case. Meanwhile, separate exchange data showed net inflows followed by preliminary net outflows, alongside rising open interest and lower long funding costs.

Improving spot-demand signals are currently being overshadowed by a sharper deterioration in perpetual futures.

Adding to the market caution, US spot Bitcoin ETFs recorded net outflows of $300 million on November 11. Market participants are now closely watching the upcoming US Producer Price Index release from the Bureau of Labor Statistics. Inflation data remains critical as it shapes expectations for financing conditions and broader risk appetite across global markets.

Why it matters Both demand components remain negative, leaving Bitcoin’s tentative stabilization dependent on persistent spot improvement and easing futures weakness. The upcoming inflation data could influence financing conditions and risk sentiment globally, directly impacting digital asset markets and investors worldwide.