CryptoQuant: BTC spot demand continues to weaken; the market structure may be fragile or face the risk of a long liquidation.

Deep Tide TechFlow message. On July 20, according to on-chain analytics platform CryptoQuant analyst ScenarioX, Bitcoin’s 30-day spot demand rose briefly from early July to about -80 thousand BTC, before worsening again to nearly -170 thousand BTC. Despite the sharp drop in spot demand, the BTC price is currently still holding relatively stable, supported by easing short-term sell pressure and short covering in the derivatives market.

ScenarioX noted that current derivatives demand is insufficient to independently sustain an upward trend; the market’s overall structure is relatively fragile. If spot selling pressure reignites, it could trigger a sudden downside move. If spot sell orders remain sluggish, a derivatives-driven technical rebound may continue, but in the absence of real spot demand support, such rebounds are most likely to end in large-scale long liquidations.