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CryptoQuant analyst Darkfost said demand indicators have yet to show a meaningful recovery despite Bitcoin’s recent price rebound. Darkfost said BTC futures demand had dropped sharply to around 3,000 BTC from 164,000 BTC, while spot demand remained in negative territory at -174,000 BTC despite inflows into spot BTC ETFs. As a result, the estimated 30-day cumulative BTC demand across futures and spot fell to -171,000 BTC. Over the past 15 days, however, BTC rose about 13.5% from $74,000 to $84,000, widening the gap between price action and underlying demand indicators.