Bitcoin is exhibiting divergent market trends that the bulls don’t want, and the price is highly dependent on the momentum of the bulls’ derivatives.
Bitcoin ($BTC) It fell below $75,000 today, further strengthening the bearish momentum from the previous day. In this context, a report highlights a worrying mismatch between demand and derivatives sentiment, adding to the current market uncertainty.
Important points
- Bitcoin’s latest market structure shows a growing disconnect between sentiment and actual demand.
- Binance’s funding rate has returned to positive territory, indicating an increase in leveraged long positions.
- However, the purchase volume of Binance takers has been on the decline in recent months as spot buying pressure has decreased.
- Unless active spot buying meaningfully recovers, the current divergence is likely to continue to weigh on price stability in the near term.
Decoupling Bitcoin Demand and Optimism
this report This is from Moreno, a verified analyst at CryptoQuant. Analysis shows that Bitcoin’s latest market structure shows a growing disconnect between sentiment and actual demand, with multiple market indicators moving in opposite directions.
Demand for derivatives is once again becoming increasingly optimistic, but active spot participation is rapidly declining behind the scenes.
In light of recent events, this discrepancy has become even more pronounced. $BTC Attempts at recovery. The asset topped $82,000 earlier this month, but selling pressure around this area stalled the bullish momentum. Since then, Bitcoin has started to fall, but key demand indicators remain weak.
Funding rate increases while spot demand weakens
Moreno cited funding rates as one of the clearest signs of this “dangerous” disconnect. Binance’s funding rate has returned to positive territory, indicating an increase in leveraged long positions. Long Bitcoin traders are willing to pay funding fees to short traders, underscoring their belief that Bitcoin’s price will rise in the short to medium term.
However, spot demand is moving in the opposite direction. The buying volume of Binance takers has been declining in recent months as spot buying pressure has decreased. The attached chart shows that the indicator has been lowering its highs and lowering its lows since early 2024, and is now near its historical baseline.
In particular, the recent The Crypto Basic report show This means that apparent demand is also decreasing. Metric dropped to -147,000 $BTCthe most bearish reading since December 2025.
This divergence creates important imbalances in the market structure. Historically, stronger rebounds tend to occur as spot demand expands and buyer participation increases. However, in the current situation, leveraged optimism is increasing while actual purchasing activity is decreasing.
What does that mean for Bitcoin?
Moreno noted that the combination of higher funding rates and lower taker purchasing volumes often indicates the market is relying more on leverage rather than actual spot demand. In such a situation, price fluctuations become more vulnerable, especially if spot demand continues to decline.
Also, $BTC The market is in the final stages of a speculation-driven rally. Recent market trends already suggest that previous momentum is fading. The daily chart shared showed that Bitcoin has since started making new highs while Binance’s funding rate continues to rise. On the other hand, the buying volume of takers continues to decline.
The analyst said the current divergence could persist unless active spot buying recovers meaningfully. Emphasis on price stability In the near future.
