Bitcoin is exhibiting a diverging market trend that bulls would not want to see, with prices relying heavily on bullish derivatives momentum.
Bitcoin ($BTC) dropped below $75,000 today, building on the bearish momentum from the previous day. Amid this, a report has highlighted a concerning mismatch between demand and derivatives sentiment, adding to the current market uncertainty.
Key Points
- Bitcoin’s latest market structure shows a growing disconnect between sentiment and actual demand.
- Binance funding rates have moved back into positive territory, signaling that leveraged long positioning is increasing.
- However, the Binance taker buy volume has trended lower for several months as spot buying pressure depreciates.
- Unless aggressive spot buying recovers meaningfully, the current divergence may continue to weigh on price stability in the near term.
Bitcoin Demand-Optimism Decoupling
This report came from CryptoQuant’s verified analyst, Moreno. Per the analysis, Bitcoin’s latest market structure shows a growing disconnect between sentiment and actual demand, with multiple market indicators moving in opposite directions.
While derivatives appetite has turned increasingly optimistic again, aggressive spot participation is dwindling rapidly beneath the surface.
The divergence became more noticeable following the recent $BTC recovery attempt. The asset pushed above $82,000 earlier in the month, but the selling pressure around the area stalled the bullish momentum. Bitcoin has since started drifting lower, while key demand metrics continue weakening.
Funding Rates Rise While Spot Demand Weakens
Moreno cited the funding rate as one of the clearest signals of this “dangerous” divergence. Binance funding rates have moved back into positive territory, signaling that leveraged long positioning is increasing. Bitcoin long traders are willing to pay funding fees to short traders, highlighting their conviction that the coin will increase in price in the near to mid-term.
However, spot demand is going in the opposite direction. The Binance taker buy volume has trended lower for several months as spot buying pressure depreciates. An accompanying chart shows that the metric has been making lower highs and lower lows since early 2024 and is now sitting near a historical base.
Notably, a recent The Crypto Basic report shows that apparent demand is also falling. The metric has dropped to -147,000 $BTC, the most bearish reading since December 2025.
This divergence creates an important imbalance in market structure. Historically, stronger rallies tend to occur alongside growing spot demand and rising buyer participation. In the current setup, however, leveraged optimism is increasing while actual buying activity is declining.
What Does It Mean for Bitcoin
Moreno noted that the combination of rising funding rates and declining taker buy volume often signals that the market is becoming increasingly dependent on leverage rather than on actual spot demand. Such a condition leaves price action more vulnerable, especially if spot demand continues to decline.
It also shows that the $BTC market is in the late stage of a speculative-led rally. The recent market trend already suggests that earlier momentum is fading. A shared daily chart showed that Bitcoin has since begun printing lower highs while the funding rates on Binance continue to climb. Meanwhile, the taker buy volume has also continued to trend downward.
The analyst noted that unless aggressive spot buying recovers meaningfully, the current divergence may continue to weigh on price stability in the near term.