Analysis: Bitcoin spot demand continues to turn negative, with retail selling likely being the primary cause.

BlockBeats News, September 7 — CryptoQuant community author CW8900 stated that the negative value of BTC spot demand is further widening, while futures demand has also seen a slight decline. The current market rally is primarily driven by futures demand, whereas spot demand continues to show negative growth. This is not a positive signal, as the lack of spot demand makes it difficult to sustain an ongoing upward trend.

Despite the rebound in BTC price, the scale of spot BTC outflows has further increased. If this trend persists, the current upward momentum could be undermined. Therefore, it is crucial to identify the specific reasons behind the shift to negative spot demand at this stage.

In terms of positioning structure, large holder positions are still increasing, while retail positions continue to decline. CW8900 believes that retail investors are persistently selling even during BTC price rallies, possibly having adapted to the previous downtrend and tending to take profits or reduce positions during rebounds. The current negative BTC spot demand is mainly driven by sustained retail selling, while notably, large investors continue to buy.