CryptoSlate
Bitcoin climbed to an eight-month high near $87,400 after reclaiming a long-term technical threshold that CryptoQuant says marked the start of a new bull phase. But spot demand contracted by about 170,000 BTC over 30 days, while holders realized profits on 25,700 BTC on Sept. 22, the largest single-day total of 2026.
Why it matters
The rally has lost some of its demand support as profitable holders have more reason to sell. US spot ETF daily inflows fell 97% over the past week, from around $1 billion to $31 million by Sept. 28. Futures demand growth also dropped to about 16,000 BTC from 164,000 BTC on Sept. 14. These shifts do not establish a cycle top, but another sustained advance would need fresh spot buying to absorb sales from existing holders.
Market impact
Trading remains heavily concentrated in derivatives: Binance's spot-to-futures volume ratio is about 0.12, or roughly $8 to $9 in futures activity for every dollar of spot trading. Binance open interest fell to $9.2 billion from $10.6 billion in a week, while Glassnode reported BTC-denominated open interest down nearly 20% to its lowest since March.
The recent move liquidated major short-position clusters, removing a source of forced buying. Alphractal says the largest remaining unliquidated clusters are on the long side, raising the risk that a decline triggers forced selling. Bitcoin remains above key supports: the 365-day moving average near $80,000, the 200-day near $71,000, and realized price around $67,000. A test of $80,000 would show how well the breakout holds as demand fades.
Frequently asked questions
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How much did Bitcoin spot demand contract over the past 30 days?
CryptoQuant estimates apparent spot demand contracted by about 170,000 BTC over 30 days.
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What happened to US spot Bitcoin ETF inflows?
Daily inflows fell 97% over the past week, from around $1 billion to $31 million by Sept. 28.
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Why has Bitcoin's liquidation risk shifted toward long traders?
The rally swept through major short-position clusters. Alphractal says the largest remaining unliquidated clusters are on the long side, which could expose leveraged longs to forced selling if prices fall.
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What are Bitcoin's key support levels if the rally pulls back?
The 365-day moving average is near $80,000, the 200-day average near $71,000, and traders' realized price around $67,000.
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Does weakening demand mean Bitcoin has reached a cycle top?
No. The reported demand and profit-taking imbalance does not establish a cycle top. A sustained advance would likely require spot demand to strengthen enough to absorb selling from holders taking profits.
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