Bitcoin (BTC) spot demand is growing for the first time since late November, according to on-chain data tracked by CryptoQuant head of research Julio Moreno, who noted that the cryptocurrency's Apparent Demand metric has finally turned positive after months of muted activity.
What Happened: Demand Turns Positive
The Apparent Demand indicator estimates real-time spot demand by comparing Bitcoin's daily mining issuance against changes in coins that have been dormant for more than a year. When the metric is positive, it means more coins are leaving long-term storage than miners are producing — a signal of rising demand.
The 30-day sum of the metric plunged deep into negative territory during December and stayed there through mid-January. A gradual recovery began in the second half of January, and after hovering at slightly negative levels for much of February, the metric crossed back into positive territory.
"Bitcoin spot demand is growing for the first time since late November," Moreno wrote in a post on X. The green reading remains relatively small, leaving open the question of whether the recovery will gain momentum.
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Why It Matters: Institutional Accumulation Signal
Separately, CryptoQuant founder Ki Young Ju pointed to the Coinbase Premium Index, which tracks the price difference between BTC on Coinbase (USD pair) and Binance (USDT pair). The index recently flipped positive alongside a price surge, a potential sign that accumulation from American institutions supported the rally.
The Coinbase Premium is significant because it reflects whether U.S.-centric traders on Coinbase are paying more than Binance's global user base. A positive reading has historically accompanied periods of institutional buying pressure.
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