Bitcoin’s Apparent Demand shows a positive spike for the first time since early 2025, coinciding with $3.06 billion in net ETF inflows. Analysts suggest potential for a breakout past previous all-time highs, despite ongoing negative funding rates in the futures market.
Bitcoin’s latest market signals paint a rather bullish picture. After hitting alarming lows earlier this year, Bitcoin’s Apparent Demand has made a commendable recovery, turning positive after dipping below -200,000. Recent reports highlight that U.S. spot BTC ETFs have seen five straight days of net positive inflows, totalling around $3.06 billion. This uptick hints at potentially strong buy pressure as Bitcoin inches closer to the $100,000 mark.
In a post by CryptoQuant contributor IT Tech, the change in Apparent Demand is noted as an encouraging rebound after weeks of decline. This metric gauges net demand over a 30-day period, assessing wallet accumulation and Bitcoin’s outflow from exchanges. A rise in this figure often indicates strong buying activity, signalling potential bullish trends ahead. Earlier in 2025, this metric had dropped dramatically but now shows strength, suggesting a market turnaround.
The positive shift in Apparent Demand coincides with the first healthy inflow of Bitcoin ETFs since February, where consistent inflows point to a trend supported by actual demand rather than short-lived market speculation. Data from Farside shows that U.S.-based spot BTC ETFs accumulated $3.06 billion, contributing to a cumulative total of $38.40 billion in net inflows. Such inflows often predate significant price movements, as indicated by IT Tech.
Contributing further to this optimism, another CryptoQuant analyst, Avocado_onchain, shared observations about Binance Futures funding rates, which remain negative. A historical pattern indicates that when funding rates are deeply negative, Bitcoin often experiences price rebounds. Looking back to previous corrections in October 2023 and September 2024, similar funding rate patterns preceded powerful recovery phases.
Interestingly, despite Bitcoin’s impressive recovery of over 20% from recent lows, Binance Futures funding rates haven’t corrected. This typically happens when traders, motivated by fear of missing out (FOMO), pour in leveraged positions, driving funding rates up. However, current conditions suggest that such correction-induced excess hasn’t materialised yet. Given historical patterns, Avocado_onchain opines that the signs indicate a high likelihood of Bitcoin surpassing its previous all-time highs.
The combination of rising Apparent Demand, increasing ETF inflows, and positive futures market indicators creates an atmosphere ripe for a potential Bitcoin breakout. Investors and market followers are now keenly watching to see if Bitcoin can break new records as 2025 unfolds.
